PUBLISHED: 07:33, Wed, Feb 12, 2020 | UPDATED: 08:17, Wed, Feb 12, 2020
The pound ticked higher against the common currency yesterday and continues to sit in a slightly heightened position. It’s a positive result after several weeks of turbulence as the Brexit transitional period came into fruition.
With political leaders still working hard to secure trade deals between the UK and EU, the fate of the pound remains in their hands.
Historically, the more likely a deal will be, the better the pound to euro exchange rate fares. Therefore, it is likely that strong UK-EU deals will only benefit GBP’s strength.
The pound is currently trading at a rate of 1.1882 against the euro according to Bloomberg at the time of writing.
This is an incline of 0.13 percent.
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Pound to euro exchange rate: Sterling ticked slightly higher against the common currency (Image: Getty Images)
Pound to euro exchange rate: Sterling is trading at a rate of 1.1882 against the euro (Image: Bloomberg)
Speaking exclusively to Express.co.uk, Michael Brown, currency expert at Caxton said: “Sterling ticked higher against the common currency yesterday in quiet trading conditions; with markets ignoring a fourth-quarter GDP release clouded by political uncertainties.
“Today, the calendar is bare, hence focus will fall largely on political developments.”
Despite concerns yesterday over the GDP, it seemed traders took little notice of any conclusions, instead maintaining focus on UK-EU trade relations.
Earlier in the week, Mr Brown pointed out the role political decisions have on the pound. He pointed: “Sterling was subdued on Friday, with a lack of any major headlines or data releases contributing to the quiet trading conditions.
“This week, sentiment around the pound will continue to be dominated by reports on UK-EU trade relations.”
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