GBP/EUR rates have spiked again during Tuesday’s trading, with the recent gains for the single currency fast disappearing. The EUR had made gains across the board last week, in particular against the Pound and it did seem as if a move back below 1,35 was on the cards. However, as often happen the currency markets have proven unpredictable and Sterling has now regained much the lost ground following a run of positive economic data releases.
The EUR initially lost some ground following the release of this morning UK Gross Domestic Product (GDP) figures. The official figure of 0.5% growth was revised up to 0.6% and this was the catalyst for the day’s move. GBP/EUR rates spiked by almost 2 cents from high to low and this has one again moved the pair back close to a 6 year high.
Looking ahead and with a shorter trading week due to the Easter bank holiday, it is likely we will we will see additional volatility in the markets. I anticipate that it will need be Thursday’s UK Construction data and the European Central Bank’s (ECB) latest monetary policy meeting accounts, both of which are likely to drive market movement on the currency pair.
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