Pound to Euro GBPEUR Exchange Rate
Pound to Euro GBPEUR Exchange Rate
November 30, 2020 in Forex Signals News
Pound to Euro GBPEUR Exchange Rate
GBP/EUR Exchange Rate Rangebound as No-Deal Brexit Fears Increase
The Pound to Euro (GBP/EUR) exchange rate held steady this morning, with the pairing currently trading around €1.11.
Sterling held steady against the single currency today, despite growing concerns over Brexit.
Michel Barnier, the European Union’s (EU) Chief Negotiator, recently warned that ‘significant divergences persist’ in UK-EU trade talks.
Environment secretary George Eustice also admitted that the UK and the EU ‘really are now running out of time’.
Consequently, demand for GBP is slipping on growing concerns for the British economy, which faces an unprecedented setback from both Brexit and the Covid-19 crisis.
Meanwhile, analysis from the Resolution Foundation thinktank, revealed that the UK is on course for a significant downturn in income growth.
Authors of the report, commented:
‘[T]he evidence is mounting that many may turn away from self-employment and freelance work in the future. This is a tragedy for these individuals, their families and their businesses, but it is also a disaster for the economy.’
Euro (EUR) Steady as Europe’s Covid-19 Situation Caps Single Currency
The Euro (EUR) held steady against the Pound today ahead of the flash release of Germany’s latest inflation data for November.
Any signs that the Eurozone’s largest economy is struggling to shake off the Covid-19 crisis would prove EUR-negative.
Florian Hence, an economist at Berenberg, commented:
‘This year has greatly added to the challenges statistical offices and central banks had before the pandemic as price collection was impaired at some points and consumption patterns have changed.’
However, things are looking up for the Eurozone after news that Germany had passed one million Covid-19 cases while the rest of Europe eases its lockdown restrictions.
Consequently, EUR traders are becoming more hopeful that other countries, too, could ease restrictions and reopen their economies.
Worst Levels in a Month for Pound to Canadian Dollar EX
German Chancellor Angela Merkel, however, warned: ‘We still need to make efforts. The number of daily infections is still at a much too high level.’
GBP/EUR Outlook: German Unemployment in Focus
Euro (EUR) investors will be looking ahead to tomorrow’s release of Germany’s Unemployment Rate for November.
Any signs that the Eurozone’s powerhouse economy could be headed for an unprecedented setback in the fourth-quarter would be EUR-negative.
Pound Euro GBPEUR Exchange Rate
Tomorrow will also see a speech from the European Central Bank’s (ECB) President, Christine Lagarde.
If she is notably downbeat in her commentary about the Eurozone’s economic future, then the EUR/GBP exchange rate could fall.
Forex Signals — Euro to US Dollar
Sterling investors will be eyeing tomorrow’s release of November’s UK Manufacturing PMI. If this increases, then we could see GBP head higher.
Brexit talks will continue to drive the GBP/EUR exchange rate, however, with any signs of a possible no-deal dragging down the Pound.
Pound to Euro GBPEUR Exchange Rate
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