The pound to euro exchange rate saw GBP improve slightly on Wednesday afternoon. The boost came after July’s year-on-year Spanish industrial output fell below forecasts from 1.6 per cent to 0.8 per cent. This resulted in dampened market confidence in the Eurozone economy and the euro being “subdued.” The common currency’s “tentative trading” precedes the ECB’s policy decision revealed today, which is expected to remain flat at zero per cent.
Pound euro exchange rate: GBP improves - should you buy travel money for your holidays?
The pound is currently trading at 1.1192 against the euro this morning, according to Bloomberg at the time of writing.
GBP benefited from a speech by Labour Deputy Leader Tom Watson yesterday in which he called for his party to “unambiguously and unequivocally” back remain and a second referendum before a general election.
Watson said: “The only way to break the Brexit deadlock once and for all is a public vote in a referendum. A general election might well fail to solve this Brexit chaos.”
Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“Sterling chalked up a modest gain against the euro on Wednesday,” explained Brown.
“The common currency trading tentatively as apprehension grew ahead of today’s ECB policy decision.
Pound euro exchange rate: The common currency’s “tentative trading” precedes ECB’s policy decision (Image: Getty Images)
“This lunchtime, policymakers are expected to announce a significant stimulus programme, in an attempt to turnaround the ailing eurozone economy.
“Should the stimulus be more far-reaching than