Pound to euro exchange rate - sterling maintains recovery after retail sales BOOST
Pound sterling has held onto its spike against the euro after UK retail sales data smashed forecasts.
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GBP is buying €1.16 after soaring from weekly lows of €1.14 against the euro.
The pound was bolstered by encouraging retails sales data released yesterday.
February’s figures leapt from the downwardly revised -0.5 per cent to 1.4 per cent.
This effortlessly surpassed initial forecasts of 0.4 per cent growth.
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The GBP/EUR rate saw an immediate boost, jumping to €1.16
The GBP/EUR rate saw an immediate boost, jumping to €1.16, one cent higher than the day before.
Retail sales data and its effect on the exchange rate suggests consumers aren’t as concerned about the onset of Brexit as investors expected, according to exhcangerates.org.uk.
The pound has managed to maintain its position this morning, hovering around the €1.16 mark ahead of more economic data to be released today.
UK mortgage figures for February could have a similarly positive effect on the exchange rate, should they rise as expected.
As the pound climbs against the euro, the single currency has suffered losses of its own.
An unexpected drop in consumer confidence in Germany yesterday has weakened the euro.
Figures dropped from 10.0 to 9.8, a four-month low.
But the European Central Bank (ECB) remains upbeat, commenting: “Incoming data, notably survey results, have increased the Governing Council’s confidence that the ongoing economic expansion will continue to firm and broaden.”
After enjoying similar gains against the US dollar yesterday, the GBP/USD rate has dipped slightly this morning, just holding onto its US$1.25 level.
Sterling’s gains are partly owed to faltering confidence in the policies of the Trump administration, according to experts.
Paresh Davdra, CEO and Co-Founder of Xendpay, explained: “Whilst obstacles remain for the pound as the Brexit process begins at the end of the month, it remains resistant also in part, due to the dollar’s weakness.
“The US market’s unease for the past few days in reaction to the US administration’s economic plans has been beneficial for the pound, allowing it to rise against the dollar to its highest in a month.”
