Pound to euro exchange rate: GBP falls slightly after a 'quiet week'
POUND to euro exchange rate sees sterling has fallen slightly after a positive three day streak, ahead of tomorrow’s UK manufacturing and industrial production report.
The Bank of England explains the exchange rate
The pound has dropped slightly against the euro today.
The GBP currency now converts to €1.1327.
This is lower than yesterday morning’s value of €1.1349.
It follows a three-day long streak of rises for the pound.
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The decline follows yesterday’s warning from Wall Street.
US banks operating in London told US commerce security Wilbur Ross they may have to relocate thousands of staff.
Executives from banks including JP Morgan Chase, Goldman Sachs and HSBC attended the closed-door meeting.
They blamed UK’s unstable government and the slow progress of Brexit talks for this potential move.
Laura Parsons, currency analyst at TorFx said it looked like the continued “dovish” sentiment of the European Central Bank may work in the pound’s favour.
“In a quiet week for UK data the GBP/EUR exchange rate has been left trading in the region of €1.130.”
“The publication of the European Central Bank’s monthly bulletin could have some impact on the pairing later today.
“A reiteration of the relatively dovish sentiment expressed in the central bank’s latest gathering could soften the euro slightly.”
She added this would give “the pound a chance to edge higher ahead of tomorrow’s UK manufacturing and industrial production figures”.
The next manufacturing and industrial production report is to come tomorrow, November 10.
The Office for National Statistics data compares the total production output and UK manufactures’ sales by product and industrial division with EU counterparts.
A positive report could help the pound to recover some ground after today’s slight fall.
