GBPEUR hits 1.17 – will the pound continue to rise?
GBPEUR exchange rates rose to 4-month highs during yesterday’s session, hitting 1.17 on the interbank market. Sterling is trading 0.6% off the 52-week high against the euro, making now an opportune time for sterling sellers.
Sterling has remained resilient against the dollar, holding above the key threshold of 1.27. Cable (GBPUSD) rates are 0.7% off the 5-month high.
Services & Manufacturing data
Purchasing Managers Index (PMI) surveys senior executives within the manufacturing and services sectors. The data is collated in month; therefore, the reading gives a very accurate view of how certain sectors are fairing in the current economic climate.
The index varies between 0-100. A reading above 50 signals an expansion and a reading below 50 signals a contraction.
Later today we will see the release of PMI date from the Eurozone, UK, and US. There is an expectation that both the sectors are contracting in the Eurozone. A surprise expansion could provide support to the value of the single currency.
PMI service data from the UK will be watched carefully. The service sector accounts for 70% of UK economic output. Forecasts are suggesting an expansion at 53.2. A reading below 53.2 could spell bad news for the pound and halt its current trajectory.
Friday’s poor retail sales data supported the view of a pending UK recession. A struggling service sector could add fuel to recessionary speculation and worry the Bank of England ahead of their interest rate decision next week.
US PMI data is expected to show a slight rise in service activity to 51, any deviance here could cause volatility.
ECB Meeting
Following a busy day of economic data, markets will quickly re-focus their attention to tomorrow’s European Central Bank meeting. Currently there is no expectation of a rate cut, however, the press conference and statement following the meeting could set out the plan for future changes and therefore cause significant volatility on euro exchanges.
If you have an upcoming currency requirement that requires expert attention, please reach out to me directly via [email protected]
Source: https://www.poundsterlingforecast.com/2024/01/gbpeur-hits-1-17-will-the-pound-continue-to-rise/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Online: | |
| Visits: | 1,657,250,612 |
| Stories: | 8,295,466 |
Whistler Blowers, Insiders
