The pound to euro exchange rate has continued to fall this week following a week of gains at the start of May. The slump for GBP comes as the euro strengthens in the face of escalating US-China trade tensions. Brexit continues to be a barometer for the pound’s movement amid suggestions discussions between the Government and Jeremy Corbyn’s party were close to collapse. Experts have said there’s a chance GBP could improve ahead of the weekend if the UK’s GDP report shows that growth accelerated in the first quarter of 2019.
Pound to euro exchange rate: GBP slumps for FOURTH day in a row as makes alert to Brexit
The pound is currently trading at €1.159 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“Sterling lost ground against the euro on Thursday, sliding for a 4th consecutive day, as the single currency strengthened despite a continued escalation of US-China trade tensions.
“The pound itself struggled for direction, though remains susceptible to downside moves as markets remain on alert for any Brexit-related headlines.
“Barring news flow, markets will be digesting this morning’s preliminary estimate of 1st quarter GDP, with expectations for the economy to have expanded at 1.8 per cent on a year-on-year basis, largely boosted by pre-Brexit stockpiling.
“An upbeat release may see the pound find some support, though market moves are likely to be relatively limited with investors remaining cautious over escalating geopolitical risks.”
Pound to euro exchange rate: GBP slumps for FOURTH day in a
