Pound Euro Exchange Rate Hits New Lows on Wednesday Pound Euro Exchange Rate Hits New Lows on Wednesday
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    Default Pound Euro Exchange Rate Hits New Lows on Wednesday

    How come the GBP is plunging against the euro at the same time UK publishes supposedly amazing employment statistics?


    Despite the unexpectedly strong UK unemployment rate figure on Wednesday, the Pound was unable to benefit due to concerns about slowing wage growth and rising inflation in Britain.

    As a result, the strong Euro was easily able to push the Pound Euro exchange rate down to its lowest level since March, 1.1600.

    Wednesday’s Eurozone data helped the shared currency remain firm on top of the increased Euro optimism this week.

    Eurozone inflation improved from 1.5% to 1.9% year-on-year as expected, according to the final April inflation report. Italy’s trade balance beat expectations, rising to a surplus of €5.42b.

    Thursday’s UK retail sales data is likely to be influential to the Pound, but may not be enough to help the pair recover this week’s losses.


    Wednesday’s UK data was unable to increase Pound demand notably. While the Pound Euro exchange rate recovered slightly from its worst weekly levels, it remained in the region of 1.16 and over a cent below the week’s opening levels.

    Despite news that UK unemployment had hit its lowest level in over 40 years in March, investors remained concerned due to news that wage growth was slowing.

    Wages excluding bonuses were predicted to remain at 2.2%, but they unexpectedly slowed to 2.1%. This increased market concerns that Britain’s economic activity could slow in 2017 due to a consumer pay squeeze.


    Sterling slumped on Tuesday as the day’s UK inflation stats failed to impress. This made it easy pickings for a strengthening Euro, which has benefitted from increased market confidence in Eurozone stability since the inauguration of new French President Emmanuel Macron

    The Pound Euro exchange has lost over a cent since markets opened at the level of 1.1790 this week. On Tuesday, GBP EUR hit a low of 1.1638 – its worst levels since the end of March.
    source: Pound Euro Exchange Rate Hits New Lows on Wednesday
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

  2. #2

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    It's because we are still in the EU.
    Three-and-a-half years, two extensions, seven defections, 21 deselections, three prime ministers, countless amendments, two prorogations, one Supreme Court judgement, 66 million Brits losing the will to live and were still at square one...

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    There must still be pockets of saboteurs uncrushed.
    Where there's muck there's brass.

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    How's the Euro holding up against the dollar?

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    Quote Originally Posted by PurpleGorilla View Post
    How's the Euro holding up against the dollar?
    Doing well in recent terms. Rubbish compared with 10 years ago.
    Three-and-a-half years, two extensions, seven defections, 21 deselections, three prime ministers, countless amendments, two prorogations, one Supreme Court judgement, 66 million Brits losing the will to live and were still at square one...

  6. #6

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    Quote Originally Posted by DimPrawn View Post
    Doing well in recent terms. Rubbish compared with 10 years ago.
    They need someone to make the EU great again.
    "If you didn't do anything that wasn't good for you it would be a very dull life. What are you gonna do? Everything that is pleasant in life is dangerous."

    I want to see the hand of history on his collar.

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    Quote Originally Posted by scooterscot View Post
    How come the GBP is plunging against the euro at the same time UK publishes supposedly amazing employment statistics?




    source: Pound Euro Exchange Rate Hits New Lows on Wednesday
    Laughable from the man who said it would be parity by Christmas. Five week low ffs!

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    Quote Originally Posted by The_Equalizer View Post
    Laughable from the man who said it would be parity by Christmas. Five week low ffs!
    Exactly. We need to look at the big picture to see how the UK is killing it on competitiveness. No wonder the UK has now achieved a balance of trade surplus for the first time since I-don't know-when.

    Where there's muck there's brass.

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    Quote Originally Posted by northernladyuk View Post
    Exactly. We need to look at the big picture to see how the UK is killing it on competitiveness. No wonder the UK has now achieved a balance of trade surplus for the first time since I-don't know-when.

    That old trick. How about a more representative 10-year chart?


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    Quote Originally Posted by The_Equalizer View Post
    That old trick. How about a more representative 10-year chart?

    Sure. Can you mark the decision to hold a referendum and the referendum result on that chart? I'm just trying to demonstrate the positive effect of Brexit on UK competitiveness and the return to a balance of trade surplus. You need to work with me.
    Where there's muck there's brass.

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