The Pound Euro (GBP/EUR) exchange rate is moving higher for an eighth consecutive session, spiking to a 12 month high of €1.1708.

The Pound surged across the previous session, boosted by the prospect of the UK economy reopening over the coming weeks and months. Under Boris Johnson’s plan, the UK economy is expected to be fully opened by H2.

Better than expected labour market data also offered support. Whilst unemployment ticked up to 5.1% an almost 5 year high, the claimant count unexpectedly dropped by 20,000 a potential sign of the labour market stabilizing.

The Euro slipped lower mainly owing to a strong US Dollar. Eurozone fundamentals were unchanged and the common currency is awaiting fresh catalyst. German GDP Q4 second reading is unlikely to move the market.