{"id":5602,"date":"2019-07-01T00:00:00","date_gmt":"2019-07-01T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/101039-gbp-eur-euro-slips-job-indecision\/"},"modified":"2019-07-01T00:00:00","modified_gmt":"2019-07-01T04:00:00","slug":"101039-gbp-eur-euro-slips-job-indecision","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101039-gbp-eur-euro-slips-job-indecision\/","title":{"rendered":"GBP\/EUR: Euro Slips Amid EU Top Job Indecision"},"content":{"rendered":"<p>The pound finished the previous week lower versus the euro. This was the 8th straight week that the pound failed to advance against the common currency. The pair finished down 0.38% at \u20ac1.1165. Across the course of the past two months the pound has shed close to 5% against the euro. The pound is paring some of those losses in early trade on Monday, up 0.3% so far this morning.<\/p>\n<table class=\"table table-bordered\">\n<tr>\n<th>What do these figures mean?<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p> 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. <\/p>\n<p> For example, it could be written: <em>1 GBP = 1.13990 EUR<\/em> <\/p>\n<p> <em>Here, \u00a31 is equivalent to approximately \u20ac1.14. This specifically measures the pound\u2019s worth against the euro. If the euro amount increases in this pairing, it\u2019s positive for the pound.<\/em> <\/p>\n<p> Or, if you were looking at it the other way around: <strong>1 EUR = 0.87271 GBP<\/strong> <\/p>\n<p> <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.<\/em> <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The pound was under pressure across the previous week as fears over pro-Brexit Boris Johnson winning the Conservative leadership race and his plans for a no deal Brexit unnerved pound traders. Boris Johnson\u2019s \u201cdo or die\u201d approach to Brexit could result in a hard no deal Brexit on 31st October. The lingering concerns over Brexit were highlighted when Bank of England Governor Mark Carney said that current no deal Brexit fears were damaging the economy. The central bank also said it may have to cut interest rates in the event of a no deal Brexit. The prospect of a rate cut weighed on the value of the pound.<\/p>\n<table class=\"table table-bordered\">\n<tr>\n<th>Why do interest rate cuts drag on a currency\u2019s value?<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Interest rates are key to understanding exchange rate movements. Those who have large sums of money to invest want the highest return on their investments. Lower interest rate environments tend to offer lower yields. So, if the interest rate or at least the interest rate expectation of a country is relatively lower compared to another, then foreign investors look to pull their capital out and invest elsewhere. Large corporations and investors sell out of local currency to invest elsewhere. More local currency is available as the demand of that currency declines, dragging the value lower.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>At the start of the new week pound traders will be watching the U.K. economic calendar. PMI data for the manufacturing, construction and service sector are due to be released. Manufacturing is first up today. Analysts are predicting a slip increase to 49.5, up from 49.4 in May. This would still mean that the UK manufacturing sector is in contraction, which might not encourage investors to buy into the pound.<\/p>\n<h2><a href=\"#european-union-top-job-division-runs-into-problems\" id=\"european-union-top-job-division-runs-into-problems\"><\/a>European Union Top Job Division Runs Into Problems<\/h2>\n<p>The euro performed well in the previous week as the European Commission indicated that it will give Italy up until the end of the year to bring down its debt. This easing of pressure from the EU has been beneficial to the euro. Eurozone inflation also remained steady at 1.2% in June. Whilst this is still well off the European Central Bank\u2019s 2% target, investors were just relieved that it wasn\u2019t moving lower.<\/p>\n<p>On Sunday European leaders met at a summit to try to agree how to divide up the European Union\u2019s top jobs. So far there has been little progress as different countries jostle for power. Who takeover as President of the ECB will depend on who takes the job of European Commissioner. Euro traders will keep an eye on progress as the policy stance of the new ECB leaders could dictate the approach that the central bank will have towards monetary policy from October.<\/p>\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 finished the previous week lower versus the euro. This was the 8th straight week that the pound failed to advance against the common currency. The pair finished down 0.38% at \u20ac1.1165. Across the course of the past two months the pound has shed close to 5% against the euro. The pound is paring [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":5603,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,1394,1388],"class_list":["post-5602","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-eur","tag-gbp","tag-jobs-data"],"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: Euro Slips Amid EU Top Job Indecision - 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\/101039-gbp-eur-euro-slips-job-indecision\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\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\\\/101039-gbp-eur-euro-slips-job-indecision\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101039-gbp-eur-euro-slips-job-indecision\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/EUR: Euro Slips Amid EU Top Job Indecision\",\"datePublished\":\"2019-07-01T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101039-gbp-eur-euro-slips-job-indecision\\\/\"},\"wordCount\":797,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101039-gbp-eur-euro-slips-job-indecision\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100642-gbp-eur-euro-slips-job-indecision.jpg\",\"keywords\":[\"eur\",\"gbp\",\"Jobs Data\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101039-gbp-eur-euro-slips-job-indecision\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101039-gbp-eur-euro-slips-job-indecision\\\/\",\"name\":\"GBP\\\/EUR: Euro Slips Amid EU Top Job Indecision - 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