Pound to euro exchange rate: Sterling continues to ‘edge back’ amid positive UK retail
POUND to euro exchange rate today shows GBP is up against the euro, continuing its ascension since Wednesday.
The Bank of England explains the exchange rate
Sterling has risen against the euro now for the second day running.
The GBP currency now converts at €1.212. This is a rise against yesterday’s rate of €1.116.
The pound reached a low of €1.115 last Wednesday, attributed to Cabinet turmoil.
Laura Parsons, currency analyst at TorFX, explains her interpretation of the current exchange rate – which she attributes to positive retail sales.
Pound to euro exchange rate: Sterling is up amid retail data
After a week of woe the GBP/EUR exchange rate managed to edge back towards €1.120
“After a week of woe the GBP/EUR exchange rate managed to edge back towards €1.120 as UK retail sales returned to growth on a monthly basis.
“The annual figure wasn’t so upbeat however, and some economists warned that the squeeze on real wages could limit consumer spending heading into the Christmas shopping period.
“But, with a separate report revealing a decline in Eurozone inflation, the pound was still able to stabilise against the euro.
“Today’s Eurozone construction output figures could cause a final flurry of GBP/EUR movement before the weekend.”
Bloomberg data shows the pound has climbed again since yesterday
The positive GBP growth comes as investment bank Credit Suisse make predictions in the pound’s favour.
The forecasts say the pound will continue to recover against the euro in the coming weeks, according to content available exclusively to Pound Sterling Live.
This will be a result of Brexit talks moving faster than anticipated by the market.
They have deemed the pound a “political currency” at present.
UK retail figures are up this month
The near future is bright for the pound, according to Credit Suisse predictions.
They forecast the euro to pound rate will reach 0.88 pence at the end of this year.
This would mean a pound to euro rate of €1.3180.
Meanwhile, they see the pound to dollar rate closing at $1.36.