Pound to euro exchange rate: Sterling hovers at weekly low ahead of Eurozone update
POUND sterling is continuing to hover at a weekly low after falling from a one-week high and it comes just before an update from the Eurozone.
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The exchange rate is currently (9:43am) at €1.117 after it reached €1.124 at midday on Thursday.
The GBP/EUR rate jumped to its highest rate seen all week on this day but gains were short-lived.
Sterling was boosted by an optimistic UK retail sales report from the Confederation of British industry.
But yesterday morning it fell to €1.118.
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The GBP/EUR rate jumped to its highest rate seen all week on Thursday but gains were short-lived.
It marks the end of a relatively static week for the exchange rate, which has made modest gains without real significance.
This is partly due to a lack of UK data, which weighs heavily on both currencies.
Data released out of the Eurozone today stands to similarly influence the rate.
Germany - the largest economy in the bloc - revealed its inflation report yesterday.
Ahead of the report, TorFX currency analyst Laura Parsons explained: “An upbeat UK retail sales report from the Confederation of British industry helped push the GBP/EUR exchange rate to a one-week high on Thursday - but Sterling's gains were brief.
“The pound soon edged lower again, slipping back to €1.11.
“Today's German inflation report could help the GBP/EUR exchange rate end the week on a high however if it shows a decline in consumer price pressures.
“Sliding inflation in the Eurozone's largest economy would reduce the likelihood of the European Central Bank (ECB) winding down its current stimulus measures.”
