{"id":5291,"date":"2019-02-20T00:00:00","date_gmt":"2019-02-20T05:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100862-gbp-eur-pound-at-3-week-high\/"},"modified":"2019-02-20T00:00:00","modified_gmt":"2019-02-20T05:00:00","slug":"100862-gbp-eur-pound-at-3-week-high","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100862-gbp-eur-pound-at-3-week-high\/","title":{"rendered":"GBP\/EUR: Pound At 3 Week High vs. Euro As May Heads Back To Brussels"},"content":{"rendered":"<p>The pound surged higher across the board on Tuesday as Brexit optimism and strong UK data overshadowed improving eurozone data. The pound euro exchange rate rallied to a high of \u20ac1.1533, the strongest level since late January.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th><small> What do these figures mean? <\/small><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><small> When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute. If the euro amount increases in this pairing, it\u2019s positive for the pound. Or, if you were looking at it the other way around:<em>1 EUR = 0.87271 GBP<\/em>In this example, \u20ac1 is equivalent to approximately \u00a30.87. This measures the euro\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the euro. <\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The pound pushed higher versus the euro as investors cheered strong UK jobs numbers. Employment increased by 167,000 reaching a new record, whilst unemployment remained at historically low levels of 4%. Meanwhile wage growth increased an impressive 3.4% for a second straight month in the three months to December. This was just slightly below the 3.5% that analysts had been forecasting.<\/p>\n<p>The encouraging jobs numbers come following strong retail sales reported last week. The UK Labour market is showing signs of defying the Brexit uncertainties which are impacting other areas of the economy such as manufacturing. However, the good news is unlikely to last after several foreign firms including Nissan and Honda have said they will close production in the UK post Brexit.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th><small> How does strong jobs data boost the currency? <\/small><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><small> It works like this, when there is low unemployment and high job creation, the demand for workers increases. As demand for workers goes up, wages for those workers also go up. Which means the workers are now taking home more money to spend on cars, houses or in the shops. As a result, demand for goods and services also increase, pushing the prices of the goods and services higher. That\u2019s also known as inflation. When inflation moves higher, central banks are more likely to raise interest rates, which then pushes the worth of the currency higher. <\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Brexit optimism was also offering support to the pound. Investors are once again pinning hopes on Parliament taking control of the Brexit process and bringing forward a softer, more pound friendly version. A vote will take place in Parliament next week. Should Theresa May fail to bring any significant changes to Parliament then she could see the process removed from her hands.<\/p>\n<h2><a href=\"#eurozone-consumer-confidence-to-help-the-euro-higher\" id=\"eurozone-consumer-confidence-to-help-the-euro-higher\"><\/a>Eurozone Consumer Confidence To Help The Euro Higher?<\/h2>\n<p>The euro was trading broadly higher, albeit lower than versus the pound. The ZEW economic sentiment index for Germany showed sentiment was slowly improving in Europe\u2019s largest economy. The index moved up to -13.4 from -15 points. Whilst economic sentiment is still soft, the fact that it wasn\u2019t as weak as analysts were expecting has helped. Particularly given the weak GDP reading earlier in the month.<\/p>\n<p>Eurozone consumer confidence will be in the spotlight today and could help the euro extend gains. Market analysts are predicting that consumer confidence will improve slightly to -7.7% from 7.9% in February. When consumers are confident, they tend to spend more, which is good news for the economy. Whilst -7.7% would still be weak, it would at least be a step in the right direction.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th><small> Why does strong economic data boost a country\u2019s currency? <\/small><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><small> Solid economic indicators point to a strong economy. Strong economies have strong currencies because institutions look to invest in countries where growth prospects are high. These institutions require local currency to invest in the country, thus increasing demand and pushing up the money\u2019s worth. So, when a country or region has good economic news, the value of the currency tends to rise. <\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr>\n<p><small><\/p>\n<p><small><em><br \/>\nThis publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Inc., Currency Live or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Consult our <a href=\"https:\/\/currencylive.com\/risk-warning\/\">risk warning<\/a> page for more details.<\/em><\/small><\/p>\n<p><small><em>This article was initially published on TransferWise.com from the same author. The content at Currency Live is the sole opinion of the authors and in no way reflects the views of TransferWise Inc.<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pound surged higher across the board on Tuesday as Brexit optimism and strong UK data overshadowed improving eurozone data. The pound euro exchange rate rallied to a high of \u20ac1.1533, the strongest level since late January. What do these figures mean? When measuring the value of a pair of currencies, one set equals 1 [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5292,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,1394],"class_list":["post-5291","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-eur","tag-gbp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound At 3 Week High vs. Euro As May Heads Back To Brussels - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/100862-gbp-eur-pound-at-3-week-high\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100862-gbp-eur-pound-at-3-week-high\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100862-gbp-eur-pound-at-3-week-high\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound At 3 Week High vs. Euro As May Heads Back To Brussels\",\"datePublished\":\"2019-02-20T05:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100862-gbp-eur-pound-at-3-week-high\\\/\"},\"wordCount\":798,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100862-gbp-eur-pound-at-3-week-high\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100862-gbp-eur-pound-at-3-week-high.jpg\",\"keywords\":[\"eur\",\"gbp\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100862-gbp-eur-pound-at-3-week-high\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100862-gbp-eur-pound-at-3-week-high\\\/\",\"name\":\"GBP\\\/EUR: Pound At 3 Week High vs. Euro As May Heads Back To Brussels - 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