GBP/EUR: Pound Steady Ahead Of UK Jobs Data

The Pound Euro exchange rate is pushing higher for a second straight session, keeping €1.16 in target.

The Pound was well supported by the Chancellor’s supportive spring budget. The Chancellor delivered a big fiscal spend budget with warnings of tax rises to come.

The UK economy is expected to return to pre-pandemic growth earlier than expected by mid next year. Unemployment is also expected to rise to 6.5%, lower than the 7.5% peak expected.

The Euro came under pressure despite stronger than forecast PMI data. The Eurozone is likely to experience a double dip recession. However, optimism is building.

Eurozone retail sales are in focus today with analysts expecting a -1.1% decline.