The GBPEUR rate is still being held up at the 1.1400 level as traders wait for the latest GDP growth figures from the UK. In Europe, the EU Commission Chief Ursula Von Der Leyen was trying to defend the bloc’s slow vaccine rollout once more.
GBP to EUR is trading at 1.1408 and an upbeat assessment on growth tomorrow could see another push above 1.1500.
Von Der Leyen Says Fast Vaccine Push Would Collapse Bloc
EU Commission President Ursula Von Der Leyen has said that the EU could not copy the UK’s fast vaccine rollout for risk of collapsing the bloc’s unity.
Speaking in Parliament, she said:
“I cannot even imagine what would have happened if just a handful of big players, big member states had rushed to it and everybody else would have been left empty-handed. What would that have meant for our internal market and for the unity of Europe?”
Her comments will actually embolden supporters of Brexit, who see the “one size fits all” approach as inefficient and unsuitable. Her comments are also fairly ridiculous from the virus standpoint, where she is stating that it is the right move to leave citizens waiting for a vaccine in order to preserve unity.
The Commission Chief is trying to defend the EU’s slow moves to order vaccines, which were behind the timeline of the UK and the union now sees itself lagging behind.
Pound Awaits GDP and Trade Figures
Tomorrow will see important data for the GBP to EUR exchange rate with a GDP update for the British economy. The country will also see the latest figures for trade.
The UK GDP is a preliminary Q4 figure but there is potential for a small deviation from expectations and this could shift the exchange rate outlook.
The balance of trade numbers may be impacted by the turmoil seen at ports ahead of the Brexit agreement and it’s possible that some increased red tape will hamper the first months of post-EU trade.
The real acid test will be when the UK reopens its economy and starts to look at extended trade outside of the Eurozone. Investment flows will also be key figures for the British economy in the months ahead as the country seeks to use its new-found freedom to attract capital.
The CEO of Barclays said recently said that Brexit should be a positive and the country would be best served by competing with New York and Singapore for financial centre status, rather than worrying about Frankfurt.
The GBPEUR has resistance at 1.1500 from April 2020 and the support is at 1.1300 in the pair. Get in touch to discuss an upcoming currency exchange in further detail using the form below to find out how these factors are likely to impact your exchange rate.
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