PUBLISHED: 07:07, Fri, May 1, 2020 | UPDATED: 08:22, Fri, May 1, 2020
The pound clawed back some of its strength against the euro yesterday, settling into a comfortable position above the 1.15 handle. With no major announcements anticipated today, as the Eurozone remains mostly quiet, the GBP is likely to start off the month of May on a positive note.
The pound is currently trading at a rate of 1.1462 against the euro according to Bloomberg at the time of writing.
Michael Brown, Currency Expert at Caxton FX, spoke to Express.co.uk to provide exclusive insight into the current exchange rate.
He said: “Sterling gained ground against the euro yesterday, breaking above the 1.15 handle, as month-end buying of the pound saw the currency remain well-supported throughout the trading day.
“Looking ahead, trading conditions are likely to be relatively quiet today, given the closure of eurozone markets for Labour Day, and the sparsely populated data calendar.”
READ MORE: Pound to euro exchange rate: GBP controlled by coronavirus
Pound to euro exchange rate: The pound ended the month on a high (Image: DX)
Pound to euro exchange rate: The pound is currently trading at a rate of 1.1475 (Image: Bloomberg)
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Yesterday the European Central Bank (ECB)meeting determined some measures that would be put in place to try and help the euro during these unprecedented times.
Christine Lagarde, ECB president, said the “profound deterioration in labour conditions” was leading the eurozone into something akin to a “free fall”.
However, in hopes of restarting the economy sooner rather than later, many countries across the continent have begun to slowly relax lockdown measures.
In Spain, some non-essential workers, including those in manufacturing, have been allowed to return to work.
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