Pound to euro exchange rate: Sterling needs to ‘break out of its current rut’
THE POUND is currently stuck in a “rut,” say experts, with its movement today dependent on interest rate decisions.
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The pound has not been propelled much higher in the last day but will hopefully improve today.
Its movement is dependent on interest rate decisions from today's Eurozone and the EuropeToday is all about the Eurozone and the European Central Bank’s (ECB) latest interest rate decision.
“A dovish stance from the ECB would be euro-negative and could give the pound a chance to break out of its current rut.”
However, despite its limited movement, the pound was trading near a one-week high yesterday against the single currency.
The pound was affected by the latest Brexit developments.
Prime Minister Theresa May has announced that she is downgrading the Department for Exiting the European Union (DExEU).
The move means that Mrs May herself will be leading Brexit talks from now on, with new Brexit Secretary Dominic Raab operating in a reduced capacity.an Central Bank (ECB)announcement.