It’s been a tough week for the single currency, with heavy losses against the Pound and a further drop against the USD.
GBP/EUR rates hit 1.2770 at today’s high, almost 2 cents worse than they were earlier this week. This move was initiated by yesterday’s UK Retail Sales figures, which came in much better than expected. However, the aggressive spike we saw means it is likely there are further issues behind the scenes and with the on-going economic difficulties faced inside the Eurozone, in terms of a stagnant economy and weak growth forecasts, the EUR may struggle to make any sustained inroads against GBP.
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