Pound to Euro Exchange Rate: Upbeat Services PMI Results Could be ‘Pound Positive’ Today

The pound to euro exchange rate was kept steady on Tuesday thanks to a combination of “better-than-forecast UK construction data and worse-than-expected Eurozone retail sales figures,” say experts.

The pound could be given a strong opportunity to increase today with the UK’s services Purchasing Managers’ Index (PMI).

According to Bloomberg, the pound is currently trading at €1.131 against the euro.

Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.

“A combination of better-than-forecast UK construction data and worse-than-expected Eurozone retail sales figures kept the GBP/EUR exchange rate steady on Tuesday,” she said.

“The UK’s services PMI offers the pound the best chance to climb today.

“As the services sector accounts for over 70 per cent of total economic output, an upbeat result would be pound positive.

“Other things to look out for include final services figures from the Eurozone and a speech from a Bank of England (BoE) official.”

June’s construction sector PMI has shown a rise from 52.5 points to 53.1, beating forecasts for a decline to 52.4 points.

While a relatively minor rise, this result still means that the pace of construction sector growth is accelerating.

courtesy : express.co.uk
photo : VOA Indonesia

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