Pound to Euro rate improves as data impresses, will the GBP/EUR upward trend continue? (Joseph Wright)

The Pound to Euro rate dipped below €1.18 at the mid-market level earlier during today’s trading session, but it’s since received a boost for the second day running.

Yesterday it was Manufacturing Data that gave the Pound a boost whereas today Construction Data did the same as the figure released beat expectations. Today’s Construction PMI Data revealed that sentiment within the sector has hit a 4-month high and this gave the Pound to Euro rate a upward spike to 1.1850 at one stage.

There have also been fears in recent weeks that an extortionate Brexit Bill would need to paid in the event of the UK leaving the EU, but this suggestion has been downplayed by UK Prime Minister, Theresa May during a speech today whereby she accused some European politicians and officials of seeking to influence the result of the general election next month.

Tomorrow will be the most important data release of the week for the UK as Services PMI data will be released, and due to the importance of this sector to the UK economy it could have a bigger effect on the GBP to EUR rate than today or yesterdays figures.

Data is now playing a larger role in the price fluctuations for GBP exchange rates as the UK enters a crucial time, so if you would like to be kept updated regarding these data releases do feel free to get in touch. I do think we could see the Pound to Euro rate exceed 1.20 should the data continue to impress, although if the negotiations between the UK and EU members continue to deteriorate we could see the pound come tumbling down.

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 [email protected] and I will endeavour to get back to you as soon as I can.