Pound to euro exchange rate: No boost for sterling despite Bank of England’s confidence
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THE POUND has shown no signs of improving as the pound to euro exchange rate reversed its earlier gains yesterday.
The pound has barely improved today despite Bank of England (BoE) Governor Mark Carney “appearing unexpectedly confident about the UK’s economic outlook,” say experts.
Meanwhile the euro has benefited from improved Eurozone retail data
The GBP/EUR reversed its earlier gains on Thursday despite Bank of England (BoE) Governor Mark Carney appearing unexpectedly confident about the UK’s economic outlook.
Carney’s suggestions that it looks like the economy is bouncing back after a weak first quarter stoked bets that interest rates will rise, but did little to encourage the pound higher.
“The euro, meanwhile benefited from improved retail data from the Eurozone.
“With little in the way of influential data on the cards, the week isn’t likely to end with a bang for GBP/EUR and the pairing is likely to remain trading around the €1.13 level.”
The pound enjoyed a mini rally on Wednesday thanks to a very positive - and unexpected - UK services PMI.
“As the services sector accounts for over 70 per cent of total growth, the news that output was at its highest level for seven months supported hopes for an August rate hike from the Bank of England (BoE) and sent Sterling higher.