Sterling “stormed higher” on Tuesday as the pound to euro exchange rate rocketed. Experts noted the change as the pound hit a recent high despite ongoing Brexit uncertainty. The good news came on the same day as the release of UK employment figures yet experts have advised the joy could be short-lived. The pound was trading at €1.151 against the euro according to Bloomberg, at the time of writing.
Analysing the data, Laura Parsons, currency analyst at TorFX, said to Express.co.uk: “With growth in UK average earnings at a decade high and concerns over the health of the Eurozone economy rising, the GBP/EUR exchange rate was able to storm higher on Tuesday.
“The pound advanced by over 0.7 percent against the euro, hitting a high of €1.1510.
“Any movement in the pairing today is likely to be the result of political developments, with the Prime Minister due to return to Brussels to continue talks on her Brexit deal.
“While any positive murmurs would be pound supportive, any signs that the EU is unwilling to reconsider any of the present deal’s main sticking points could send the British currency lower.
“Germany’s producer price index and the Eurozone’s consumer confidence data will also be of interest.
