Could today’s data releases impact the GBP/EUR exchange rate?

Euro to Pound: France Reopens Borders as COVID-19 Cases Fall

There could be market movement for the GBP/EUR pair today, as there are a number of UK related data releases which could cause fluctuations. The pair have been trading within a relatively thin range all week which for the most part was between 1.11 and 11.50, although over the past 24-hours it has dipped back into the later 1.10’s.

At 9.30am this morning there will be Retail Sales figures out of the UK  which I expect to be followed closely, as markets will be weary of the UK economy showing a slowdown as Brexit approaches and the uncertainty ramps up. Also this sector of the UK economy has been coming under pressure with a number of popular stores falling into administration over the past year.

Later on in the day there will be a Bank of England interest rate decision and although no changes are expected, the comments afterwards are likely to be followed closely though as wage growth has hit the highest level in 10 years recently and there may be some members of the monetary policy committee that believe a rate hike will be needed for this reason.

From the Euro side of things the arrangement between the Italian coalition government and the EU regarding its Budget is a positive for the time being, although the markets have remained relatively unchanged as many believe the problems have just been delayed.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.