PUBLISHED: 08:03, Thu, Nov 14, 2019 | UPDATED: 08:26, Thu, Nov 14, 2019
The pound to euro exchange rate remained “rangebound” after showing the most growth in a month on Tuesday. GBP has remained at the improved rate despite “sub-forecast inflation data,” said experts. October’s UK inflation figure hit a three-year low at 1.5 percent, it was revealed yesterday.
The data left investors cautious, with weakening inflation heightening fears of a rate cut from the Bank of England (BoE) after two BoE policymakers voted to cut rates just last week.
Wednesday also saw the UK Retail Price Index for October fall below consensus at -0.2 percent due to ongoing Brexit uncertainty.
The pound is often at the mercy of political developments during these times of uncertainty.
However, a lack of political changes around the election yesterday saw sterling hold its ground.
READ MORE: Flight delayed 20-minutes because of this surprising passenger
Pound euro exchange rate remained “rangebound” after showing the most growth in a month on Tuesday (Image: Getty Images)
Pound euro exchange rate: The pound is currently trading at 1.1666 against the euro (Image: Boomberg)
The pound is currently trading at 1.1666 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 was once again rangebound on Wednesday, despite sub-forecast inflation data, with a lack of political developments the primary factor contributing to the quiet trading ranges,” said Brown.
“Today, politics will remain at the forefront, with any further party alliances in particular focus ahead of this afternoon’s deadline for submitting