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

GBPEUR Sees 1.15 in View After Another Slump

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


The GBPEUR exchange rate was slightly higher in early trading on Wednesday, but the pair slipped again yesterday and could head lower as the 1.16 level gives way. The euro found some support after German GDP came in slightly lower than expected. A two year high for business sentiment in the country saw traders shrugging off the GDP dip.

The GBP to EUR trades at 1.1550 and could move towards the 1.15 level with no major data coming in the week.

European labour may lag behind economy

Europe’s labour market is expected to recover more slowly than its economy, according to a report by Accenture. The continent lost 3.5 million jobs in 2020, which may not come back until 2023, the company said, based on a survey of 700 executives. That would be a whole year after the EU economy is expected to return to pre-crisis levels.

A strong rebound is expected in Europe in the second quarter, but companies are afraid to hire after being scarred by previous lockdowns. The German economy shrank by 1.8% quarter on quarter and 3.1% for the year, according to the Federal Statistics Office yesterday. The numbers were expected to be -1.7% and -3% and Europe’s largest economy is lagging the European average, but the pound sterling can’t take advantage just now.

IFO business sentiment numbers did show a two year high in business confidence and the market is letting the euro catch up with the pound despite a gap in GDP.

UK pubs and restaurants boosted by soaring sales

Sales at pubs and restaurants in the UK soared this week as hospitality venues got a much-needed boost under the third phase of the prime minister’s roadmap out of lockdown.

Research by Dojo said 23% more restaurants were able to reopen on 17th May, compared to the previous week, with spending higher by 40%. Spending was also outpacing an average Monday in July last year by 12%. The reopening of indoor venues meant 67% more pubs were able to trade after being shut for the last five months. That led to a fourfold increase compared to average Monday trading, higher by 30% compared to July 2020.

“Hospitality has taken a big hit during lockdown and it’s great to now see restrictions slowly lift,” said Jon Knott, head of customer insights. “The data highlights just how many venues across the UK have not been able to seat customers outside, and so now they have the opportunity to welcome people back, potentially at full capacity.”

The reopening is a boost for the UK’s services-led economy and traders will want to cram punters in during the summer before the flu season returns, while the UK government is also applying measures to Indian variant hotspots.

The GBPEUR has resistance at 1.1500 but the pound’s failure to head back for the 1.18 yearly highs could see it punished in the weeks ahead.

The post GBPEUR Sees 1.15 in View After Another Slump appeared first on Pound Sterling Forecast.


Source: https://www.poundsterlingforecast.com/2021/05/gbpeur-sees-1-15-in-view-after-another-slump/


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 https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com 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

    Comments

    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

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    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.