Euro Pound Exchange Rate Recovers

Forex Signals | Euro Pound Exchange Rate Advancing as Eurozone PMIs Less Disappointing than UK
Despite economic recovery hopes and market sentiment boosting the Pound (GBP) in the middle of the week, the Euro Pound (EUR/GBP) exchange rate has seen a strong recovery over the past day. The pair continues to climb on Friday and may sustain gains this week.

Since opening this week at the level of 0.8890, EUR/GBP has seen mixed movement. Yesterday, the Pound’s strength pushed EUR/GBP lower to a four-month-low of 0.8832.

EUR/GBP has been recovering and advancing again since last night though. At the time of writing on Friday afternoon, EUR/GBP is trending near the level of 0.8940. This isn’t far below the week’s best levels.

Unless Britain’s coronavirus situation shows more solid signs of improvement, the Pound may be in for further weakness in the coming week.

Euro (EUR) Exchange Rates Benefit from Rival Weakness as Eurozone Data Decent
The Euro (EUR) is a currency that is often influenced by the strength of major rival currencies. The Pound and US Dollar (USD) are two of the Euro’s biggest rivals. Euro to Pound Sterling Exchange Rate

With the Pound weakening on poor UK data today, the Euro is benefiting and advancing.

Investors were even more willing to buy the Euro over the Pound, as today’s Eurozone PMI projections were generally decent. Euro to Pound (EUR/GBP) Exchange Rate

Chris Williamson, Chief Business Economist at IHS Markit, noted that while the downturn is less severe than the one seen last year, a double-dip recession in the Eurozone was still likely. GBP/EUR Exchange Rate Stable

Pound (GBP) Exchange Rates Slip as UK Ecostats Disappoint

Earlier in the week, the Pound was benefitting from UK economic recovery hopes. However, Friday’s stats and government uncertainty over how long coronavirus lockdowns could last left the British currency falling again. FX – Pound Recovers as U.K. Signals

Friday saw the publication of key UK retail sales results from December and PMI projections for January. Both reports fell well short of expectations, worsening fears over the pandemic’s impact on Britain’s economic activity.

Euro Pound Exchange Rate Recovers Forex Signals – Dollar Flat Fed Disappoints