Pound Euro (GBP/EUR) Exchange Rate Unchanged Following German And UK Data
The Pound was rangebound against the Euro on Tuesday following the release of some economic data from both the Eurozone and the UK.
At the time of writing, GBP/EUR traded at around €1.2025, virtually unchanged from Tuesday’s opening rate.
The Euro (EUR) traded mostly flat against the majority of its peers on Tuesday following the publication of Germany’s latest GDP reading.
The final GDP reading for Q4 of 2024 printed in line with market expectations and confirmed a dip from 0.1% to -0.2% in the Bloc’s largest economy.
However, despite the negative reading, the data printed in line with forecasts and failed to negatively impact the single currency following the release.
The Pound (GBP) was also largely muted against the majority of its counterparts on Tuesday following the publication of some mid-tier UK data.
The UK released its latest CBI distributive trades survey which posted another decline this month.
Although the data rose from -24 to -23 rather than dropping further to -25, the index marked the fifth consecutive month of declining retail sales volumes, hobbling GBP exchange rates amid a lack of any further catalysts.
Looking ahead, the primary driver of movement for the Pound Euro exchange rate looking ahead to Wednesday will likely be another data release from within the Eurozone.
Germany is set to release its all-important GfK consumer confidence index for the month ahead.
The data is forecast to show a slight improvement in morale, however, is still forecast to remain within pessimistic territory.
However, should the data beat market expectations, this could provide EUR exchange rates with a boost as we move into mid-week trade.
Turning to the Pound, UK data will once again be absent from Wednesday’s data-calendar, and as such, we will likely see GBP exchange rates trade without a clear trajectory.
Adam Solomon
Contributing Analyst
Contact
Popular Conversions
- Pound to Euro
- Pound to Dollar
- Pound to New Zealand Dollar
- Pound to Australian Dollar
- Pound to Canadian Dollar
- Euro to Pound
- Dollar to Pound
- Euro to Dollar
RELATED NEWS
Financial Market Newsflash
No financial news published today. Check back later.
