GBP/EUR took a bit of a nose dive yesterday. Preliminary German GDP came in at a -0.2% contraction against expectations of a flat result. This may put pressure on the European Central Bank to offer support. However, conversely, the Eurozone economic sentiment reading came in ahead of expectations.
Today sees a raft of data coming out that could move both GBP/EUR and GBP/USD. There's also data out from the UK in the early hours of Wednesday for shop prices. First off is the Eurozone preliminary GDP data. Analysts are predicting a quarter on quarter flat result (as they also predicted a flat result for Germany). A real figure of contraction could be good for the Euro versus the Pound.
UK business news centres on the outcome of Brexit. Whilst imports and exports appear to have been largely unaffected (and in some cases are up), the overall effect seems to have been negative. When compared to other members of the G7 it looks like the UK is underperforming overall when it comes to trade deals and investment.
Today’s Economic Calendar
EUR: 10:00 Preliminary GDP Numbers
US: 15:00 Consumer Confidence
UK: Wednesday 00:01 BRC Shop Price Index
As ever we look forward to keeping you in the loop and look out for our next update.
Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.
Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.