GBP to EUR exchange rate has had a volatile last week with the mixed reports coming out of the both regions. The latest trading session was unsurprisingly uneventful for the GBP to EUR conversion rate, as the eurozone data remained unsuccessful to motivate GBP/EUR currency rate movement at all.
Despite slower than expected wage data from the euro zone, the pound to euro exchange rate remained sluggish in the last few sessions. Wage growth for the second quarter declined to 1%, compared with 1.6% in the same period of last year.
In addition, GBP to Euro currency rate also remained silent despite higher than expected retail sales report from U.K.. Its retail sales increased comfortable by 6.2%, compared to the analyst’s consensus for the growth of 5.3%. This report help GBP/EUR exchange rate to gain momentum.
Analysts believe that GBP/EUR currency conversion rate trended higher than the week’s most horrible levels; the Pound Sterling’s exchange rate to EUR could be in for additional falls in the upcoming week on the back of a comparatively quiet economic calendar.
Bank of England latest statement has created a fresh pressure on Sterling to EUR exchange rate. BoE’s ‘no change’ decision successfully pre-announced an additional interest rate cut sooner than Christmas. The latest statement from BoE has turned down trader’s sentiments, and the outlook for Pound Sterling exchange rate is now turned to negative from neutral.
GBP to EUR conversion rate remained the second-worst performing exchange rate in the G10 arena over the last week.
Bullish investors still believe that the Pound Sterling currency rate to deteriorate more aligned with the Euro, but an upturn is probable to be triggered.