GBP/EUR: Pound Lower vs. Euro As No Brexit Plan B Agreed
  • GBP stronger after Boris Johnson clarified lockdown easing road-map
  • EU reported to chance stance on UK fisheries ahead of trade talks
  • EUR looks to Christine Lagarde speech and ECB financial stability report
  • At 06:30 UTC, GBP/EUR is +0.1% at €1.1240 >> Real time exchange rate

The Pound is extending gains versus the Euro for a fifth straight session on Wednesday. The Pound Euro exchange rate settled the previous session +0.40% at €1.123, slightly off the 10- day high of   €1.1265 reached earlier in the week.

At 06:30 UTC, GBP/EUR is trading +0.1% at €1.1240, ahead of a relatively quiet day on the economic calendar for both countries.

Check real time GBP to EUR exchange rate

The Pound pushed higher in the previous session following Prime Minister Boris Johnson’s road-map out of lock down. Market stalls and car showrooms can open from next week, retailers can open their doors as from 15th June and summer holidays are also looking like they might be back on the itinerary.

The PM clarifying the easing of lockdown measures means that the economy can start to fire up again after two catastrophic months.

Also boosting the Pound is news that the EU could be willing to shift its stance on sticking points in EU – UK trade talks. According to the latest headlines the EU are prepared to drop their demand on access to UK fisheries when talks begin next week. This could be the start of a firmer path forwards with concessions on both sides.

There is no high impacting UK data today. Investors will continue to watch developments on the Cummings crisis, which Boris Johnson is struggling to draw a line under. The PM will face further questions about his chief advisors’ actions during lockdown.

The Euro traded broadly flat versus its peers on Tuesday as German consumer confidence lifted but remained in the doldrums. GFK German consumer sentiment improved slightly in June to -18.9, up the all time low of -23.1, but still paints a grim picture.

Today investors will look ahead to a speech by European Central Bank President Christine Lagarde. If she adopts a downbeat tone about the outlook for the eurozone economy, the euro could come under pressure.

Today also sees the publication of the ECB’s financial stability review. A bleak report could also have a negative impact on the euro.

 

 

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