Read the story here. Advertise at Before It's News here.
Profile image
By Pound Sterling Forecast (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

GBPEUR Bulls Rescue the 1.15 Level Ahead of Jobs Data

% of readers think this story is Fact. Add your two cents.

The GBPEUR exchange rate is higher by 0.20% on Monday morning as sterling bulls managed to save the coin from a dip below the 1.15 level on Friday. The latest UK jobs numbers will be released tomorrow with the market expecting a loss of -147k jobs despite the furlough still being in place.

The GBP to EUR trades at 1.1570 with the 1.1600 level being the next challenge for sterling as it seeks to recoup the losses from the April highs.

Germany and Portugal Loosen UK Travel Restrictions

Germany and Portugal have both removed Britain from its list of virus ‘risk’ countries. For Portugal, it currently only applies to work and study but that could change ahead of the loosening of restrictions by the UK in mid-May. The Iberian country will also keep its ban on travel by land and sea to Spain in place for another 15 days.

Sterling is getting another boost from the EU vaccination struggles as Spain reported a shortage of vaccinations. Madrid usually administers up to 275k jabs per week but will only receive 158k doses of the Pfizer vaccine next week. This has led to the country shutting down its vaccination centres.

Deputy Public Health Minister Antonio Zapatero said: “If this situation continues, we’ll have to close the mass vaccination centres. Without vaccines, there is no point in having such a big operation.”

The shortage of vaccines is being driven by the recent halt on AstraZeneca and Johnson & Johnson vaccines as regulators further probe the issues surrounding blood clots. The European Union is struggling to meet its goal of vaccinating 70% of its adult population by the end of the summer. This is weighing on the euro as it further reduces the potential for 2021 growth figures.

UK Jobs and Inflation Ahead

Tomorrow will see the latest employment figures from the UK with analysts expecting a loss of -147k jobs. The furlough scheme is still in place until the end of the summer, but there is obviously underlying issues with the jobs market. Services sector business have struggled with hiring due to the lack of clarity over the reopening, but there have been hints of further job additions in recent services PMI numbers.

Wednesday will see the release of inflation numbers for the UK with a jump to 0.7% expected from 0.4% and this number will be a talking point later once the reopening is complete at the end of June. Inflation moving higher with lockdowns is a sign of prices heating up and recent US inflation data was higher, so we could move back to seeing pressures on the bond market.

The GBPEUR will see its path determined by the two data releases with the 1.15 – 1.16 range being the important levels. The European central bank has an interest rate decision on Thursday but that is unlikely to see any changes.

Get in touch ahead of your currency exchange to discuss these factors in further detail using the form below.

The post GBPEUR Bulls Rescue the 1.15 Level Ahead of Jobs Data appeared first on Pound Sterling Forecast.


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.