Sterling Euro exchange rates have remained relatively flat during today’s trading session in anticipation of a very big day tomorrow with a huge amount of economic data due out both here in the UK and also on the continent.
We start the morning with German GDP and as Germany is the Eurozone’s leading economy this will likely give us an insight into what may happen with Eurozone GDP data at 10am.
However, arguably the more important release will come in between with UK jobs data in the form of both the latest Unemployment rate as well as Average Earnings and both have been very positive in recent months.
UK Unemployment is close to its lowest level on record and with average earnings last month outpacing inflation for the first time in a very long time this was a potential reason to increase interest rates.
Since then the Bank of England have kept interest rates on hold but if the data is strong tomorrow I think this could provide some evidence in support of raising interest rates in the UK.
On Wednesday the Eurozone publishes inflation data which has been very low on the continent for quite some time so another low release could encourage the ECB to continue with their current QE programme.
Overall I think we could see the Pound make some gains during the next two days so if you’re thinking about buying Euros it may be worth keeping a close eye out on what will happen.
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