Pound to euro exchange rate: Sterling recovers despite Brexit speculation
THE POUND is currently trading against the euro at £1.137, an improvement from last week's figures.
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The pound has recovered against the euro following last week's figures.
It is currently trading against the euro at £1.137, an increase from the end of last week which saw the pound fall to £1.131.
Thanks to the uncertainty of Brexit negotiations as well as poor domestic data, the pound struggled to improve last week.
It could increase later this week in light of the release of the UK’s BBA loans for house purchase figures later this week.
A number of talks from the European Central Bank (ECB) later this week could also affect the pound
A number of talks from the European Central Bank (ECB) later this week could also affect the pound.
Brexit uncertainty has meant the pound has recently suffered thanks to a number of questions regarding the UK’s future post-Brexit.
Last week, a ‘crunch-meeting’ at Chequers was called at the Theresa May’s country retreat.
The prime minister and 11 of her senior ministers discussed how Brexit should be approached in an eight-hour meeting.
This included Foreign Secretary Boris Johnson and Chancellor Philip Hammond.
According to the BBC, many of the ministers admitted that improvement had been made with "baby steps forwards not a huge breakthrough".
A source also told the news site that "divergence has won the day" thanks to an agreement on the handling between the UK and EU on goods.
The meeting came after the government warned that by stretching the Brexit move to 2021, taxpayers could be faced with an extra £5billion "divorce bill".
Laura Parsons, currency analyst at TorFX explained the climb for the exchange rate.
She stated: “After struggling for much of last week in the face of fresh Brexit speculation and poor domestic data, the GBP/EUR exchange rate has returned to trading in the region of £1.137.”
Ms Parsons also revealed what movement the pound could expect to see later this week.
She said: “Although high-profile UK reports are lacking at the start of this week, speeches from European Central Bank (ECB) officials and the UK’s BBA loans for home purchase figure could inspire some movement in the hours ahead.”