The pound to euro exchange rate has slumped to a six month low in figures worsening by the day. Currency experts confess GBP will be under “pressure” today, with a lack of data to influence proceedings. The pound is currently trading at 1.117 against the euro, according to Bloomberg, at the time of writing. Michael Brown of Caxton FX explained the implications of the grim situation to Express.co.uk.
He said: “Sterling fell to a fresh six-month low against the euro on Wednesday, though closed unchanged, with the pound remaining pressured by ongoing political uncertainty and lingering fears over a no-deal Brexit.
“A lack of major data, or explicitly hawkish comments from Bank of England policymakers at their Inflation Report testimony, resulted in the pound finding little in the way of support.
“Turning to the day ahead, barring a number of eurozone sentiment surveys in the morning session, data is relatively thin on the ground from both sides of the channel.
“With this in mind, the pound is likely to remain under pressure as markets continue to focus on developments in Westminster.”
The eurozone sentiment surveys is an analysis conducted by the Directorate General for Economic and Financial Affairs for different sectors of the economies
