Sterling has had another difficult week after a string of poor economic data including UK Services PMI data which fell short of the expectation. The data showed a figure of 52.8 compared to the estimate of 53.5.
It could be argued that bad weather was to blame for the fall with many people around the country not able to get into work during the unseasonably bad period.
The figure in March was very low so April was expected to show better results so another batch of poor data caused the Pound to fall against the Euro.
So far during 2018 the economic data in the UK has showed signs of a slowdown and this has been reflected in the value of the Pound against the single currency and this was none more evident with last week’s UK GDP data for the first quarter of this year.
The data showed a fall to 0.1% for the quarter which was the slowest pace of growth since 2012 and this caused the Pound to fall against a number of major currencies including the Euro.
The local elections results are still coming out as I write this article with the Tories winning almost all of the UKIP seats up for grabs so far. A total of 150 local councils have been polled and this is the biggest test of political will since the election of last year.
We end the week with a huge amount of data in the US and this will often have a big impact on GBPEUR exchange rates. At 130pm the US release the latest set of Non-Farm Payroll data which measures new jobs created outside of the agricultural industry.
This can cause a lot of movement on Pound Euro exchange rates as if the data is strong this will often result in Dollar strength which typically weakens the Euro so make sure you’re well prepared for what may happen this afternoon.
If you have a currency transfer to make and would like to save money when buying or selling Euros then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org