signalsGBP/EUR Exchange Rate Surges Past — Daily Forex Signals

November 10, 2020 in Forex Signals News

GBP/EUR Exchange Rate Surges Past

Daily Forex Signals — The Pound to Euro (GBP/EUR) exchange rate has rallied sharply this morning, soaring in response to a better-than-expected jobs report from the UK.

At the time of writing the GBP/EUR exchange rate is trading at around €1.1243, up roughly 1% from this morning’s opening rate.

Pound (GBP) Strengthened by Upbeat Wage Growth

The Pound (GBP) has rocketed higher against the Euro (EUR) and the majority of its other peers this morning as market cheer the publication of the UK’s latest wage growth figures.

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According to data published by the Office for National Statistics (ONS), average earnings jumped from 0.1% to 1.3% in September, beating forecasts for a more modest rise of 1%.

Pound Sterling to Euro Exchange Rate

GBP/EUR Exchange Rate Surges Past

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However, the accompanying jobless figures made for less cheery reading as the UK’s unemployment rate continued to surge, rising from 4.5% to 4.8% in September.

GBP/EUR Exchange Rate Jumps to Two Month High

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This was the highest rate of unemployment since the last quarter of 2016 as came as the unwinding of the government’s furlough scheme saw more companies implement redundancies.

Pound Euro (GBP/EUR) Exchange Rate

But, with the government having recently extended its furlough scheme until March, analysts are optimistic that the pace of redundancies is likely to slow in the coming months.

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Originally published at https://www.fxpremiere.com on November 10, 2020.

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