2020 July, 5, 05:27:40 PM

Euro To Pound Exchange Rate Movement Steadies After Mid-Week Tumbles

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Euroexchangeratenews.com:- Despite a lack of particularly strong support for Sterling (GBP), the Euro to Pound Sterling (EUR/GBP) exchange rate has fallen this week. Recovery is possible on the Eurozone’s strong economic outlook, but if signs of weakness emerge there may instead be more losses ahead.

After opening this week at the level of 0.9092, EUR/GBP briefly jumped higher. ERU/GBP touched on a high of 0.9170 – the best level for the pair in a quarter, since March.

Since then though, EUR/GBP has been tumbling. Investors took profit from the pair’s highs and EUR/GBP now trends below the week’s opening levels.

EUR/GBP briefly touched on a fortnight low of 0.9004 overnight. The pair trends just above those levels at the time of writing, investors seeming hesitant to sell it much lower.

Euro (EUR) Exchange Rates Steady as Eurozone Data Continues to Impress
The Euro has been a little weaker this week. It is slipped against major rivals like the Pound and the US Dollar (USD), as investors buy them back from their cheapest levels. The Euro is also being hit slightly by political instability in France.

However, the Euro’s appeal remains fairly strong overall.

The Euro’s losses have been more due to recovering rivals than any weakness in the Euro outlook. In fact, Eurozone data continues to impress investors.

Today saw the publication of the Eurozone’s final June services and composite PMI results. All notable prints came in even higher than the already forecast-beating projections. France’s data even showed decent 51.7 overall activity.

With the Eurozone’s economic activity only contracting at 48.5 instead of the projected 47.5, investors are even more optimistic about the resilience of the Eurozone economy amid the coronavirus pandemic.

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