Pound to euro exchange rate: Sterling ‘advances’ as Italy plunges into recession

The pound has climbed against the euro after figures showed Italy fell into recession at the end of 2018, while German consumers stopped spending in December. Sterling has endured a political rollercoaster this week after MPs voted in Parliament on Brexit for Prime Minister Theresa May to return to Brussels to try and thrash out the arrangement of the Irish backstop. The pound is currently trading at €1.144 against the euro, according to Bloomberg at the time of writing. Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.

» Top New Products

Search addresses

Find  out  who  owns  that  email  address.  Worldwide  Coverage  Instant  Access.                                                       


Reignite  The  Spark  and  Experience  More  Passion,romance  and  an  intimate  bond  In  Your  Relationship       

The Art Of Covert Hypnosis

Learn  The  Easy-To-Master  SecretsTo  Hypnotizing  Anyone,  Anywhere                                                                         

Add 60 Yards Of Straight As An Arrow

Master  The  Kinetic  Chain    and    Add  20,  40,  Or  Even  60  Yards  Of  Distance  To  Every  Drive                           

Learn How To Sing

Sing  like  a  professional  starting  today                                                                                                                         

Produce Management Accounts

Increase  Your  Understanding  Of  The  Practical  World  And  Boost  Your  Confidence.                                             

Weekly Updated PLR Membership

The  Internet's  largest  and  most  reputable  PLR  membership  site.                                                                           

Curiouser and curiouser

101  Famous  Quotes  from  Alice  in  Wonderland.  New  illustrations.                                                                           

Web graphics package

This  book  contains  thousands  of  professional  web  graphics  at  your  fingertips.                                             

Car leasing kit and guide

For  smart  automotive  consumers.  Learn  how  to  lease  your  car  and  save                                                               

The Lost Book Of Remedies

Helping  Americans  achieve  curative  self-sufficiency  even  in  the  darkest  times.                                           

The Blue Sky Guide To Linkedin

LinkedIn  can  help  you  build  the  career  you've  always  hoped  for,  with  minimal  effort.                               


“The GBP/EUR exchange rate was able to advance 0.4 per cent on Thursday,” Parsons said.

“While the pound struggled against the other majors due to a lack of positive UK news, the euro broadly softened in response to the news that the Italian economy returned to recession for the third time in ten years.

“Today GBP/EUR could be moved by the UK manufacturing PMI, which is expected to show a decline in output.

“However, any pound losses could be limited if the Eurozone’s inflation report shows a softening in consumer price pressures.”

In UK political news, concerns are rising over whether Theresa May can secure a deal with Brussels over the newly-amended Brexit withdrawal deal, with the EU showing an increasing unwillingness to renegotiate terms on the Irish backstop. 

European Council president Donald Tusk has insisted that the Withdrawal Agreement struck last November was not open for renegotiation.

Pound traders are focusing on the possibility of an extension to Article 50, which May has not ruled out, with the Foreign Secretary, Jeremy Hunt, also remaining open on the issue today.

Mr Hunt said: “I think that depends on how long this process takes… We can’t know at this stage exactly which of those scenarios would happen.”

Michael Brown, Senior Analyst at Caxton FX said: “As the Prime Minister heads to Brussels to attempt a renegotiation of the Irish backstop, EU leaders continue to maintain their position that the Withdrawal Agreement will not be reopened, casting doubt on the government’s plan ‘B’.

“While the markets have absorbed some uncertainty based on a low probability outcome of a ‘no-deal’ exit, the Pound suffered a setback earlier this week, falling by around 0.8 per cent, after amendments that would have ruled out such an outcome were not passed in Parliament.

“Sterling is unlikely to significantly extend its gains in the coming weeks unless official confirmation of an extension to Article 50 emerges and as the political uncertainty continues.

“Overall, it is likely that the Pound will begin to drift lower ahead of the second ‘meaningful vote’ if the current stalemate continues with a reversal of this month’s gains becoming more likely.”

As for buying travel money, Greg Baggio, Head of FX at WeSwap said: “In order for holidaymakers to ensure they get the best exchange rates, they should be aware of these important dates and plan when they buy their holiday money accordingly.

“WeSwap’s research has found that nearly half of all Brits find and buy their foreign currency in the space of one day, leaving them vulnerable to forces beyond their control that dictate the strength of the pound.

“When shopping across travel money providers, UK travellers should also shop across a period of time for a stronger rate. Without the use of technology that allows users to set their desired exchange rate, holidaymakers are left watching the exchange rate move up and down.”

Let’s block ads! (Why?)

Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.