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GBP/EUR Forecast: Pound to Euro Exchange Rate Shored up as Monthly UK GDP Jumps

May 12, 2021 - Written by Frank Davies
Pound (GBP) Exchange Rates Rally as Monthly UK GDP Betters Forecast
The Pound to Euro (GBP/EUR) exchange rate extended its uptrend on Wednesday as the monthly UK gross domestic product reading bettered forecasts.
As growth jumped 2.1% on the month in March this helped to encourage hopes of a stronger second quarter growth rebound to come.
Although the first quarter GDP still showed a -1.5% contraction this was not enough to weigh down demand for the Pound at this stage.
Investors choose to continue focusing on the prospect of a second quarter recovery, especially as markets continued to brace for the next phase of easing in national lockdown conditions. ....

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Pound euro exchange rate: GBP rises for 'fifth straight day' - travel money latest | Travel News | Travel

Pound euro exchange rate: The pound is trading at 1.1678 against the euro (Image: Bloomberg)
The pound continues to benefit from the UK’s impressive covid vaccination programme and hopes that it will lead to a faster economic reopening.
“Today’s calendar is rather quiet for the cross, meaning that near-term momentum will likely be continued towards a test of the 1.17/1705 region that marked the cycle high a fortnight ago.”
George Vessey, UK Currency Strategist, Western Union Business Solutions, also shared his insight.
“Central banks like the US Federal Reserve and the Bank of England have downplayed the rise in bond yields thus far, whilst the European Central Bank (ECB) is likely to at least verbally intervene, or possibly increase asset purchases this Thursday to cool the bond market rout, he said. ....

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Pound euro exchange rate 'promising' as GBP on 'steady ascent' - travel money latest | Travel News | Travel

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“Last week, the British Pound suffered its worst week against the US Dollar this year as the world’s reserve currency gained momentum across the board, said Vessey.
Sterling could fall further against the dollar but may climb higher against the Euro in the short term.
Bank of England Governor Andrew Bailey has so far not intervened in the bond market turmoil despite 10-year UK yields having quadrupled this year.
Policymakers view it as a natural reaction given the UK’s lead in the global vaccination race, which has also been GBP constructive.
Sterling could fall further against the dollar but may climb higher against the Euro in short term (Image: Getty Images) ....

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Pound euro exchange rate: GBP 'volatility subdued' - holidays and travel money latest | Travel News | Travel

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James Lynn, co-CEO and co-founder of travel card Currensea, warmed against this while travel abroad remains banned in the UK
He said: It may be tempting to take out foreign currency in anticipation of a future holiday, while the exchange rate is favourable.
However, I would advise against this. Market movements are often more marginal in reality than they appear.
Especially during this volatile time, it’s safer to keep hold of your money in your UK bank account than purchasing or exchanging for holiday money.
Pound euro exchange rate: During this volatile time, it’s safer to keep hold of your money (Image: Getty Imsges) ....

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Pound euro exchange rate: It is illegal to travel abroad for holidays and other leisure purposes (Image: Getty Images)
James Lynn, co-CEO and co-founder of travel card Currensea, commented: It may be tempting to take out foreign currency in anticipation of a future holiday, while the exchange rate is favourable.
However, I would advise against this. Market movements are often more marginal in reality than they appear.
Especially during this volatile time, it’s safer to keep hold of your money in your UK bank account than purchasing or exchanging for holiday money.
Once we are allowed to travel again, this will signify the end of the COVID bump and I anticipate this will mean the Pound has improved even more significantly than the level it is at today. ....

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