Pound to euro exchange rate: Sterling UP after Bank of England comment | Travel News | Travel

Pound to euro exchange rate: Sterling UP after Bank of England comment | Travel News | Travel 46

The pound to euro exchange rate had a slight shift in favour of the euro currency today, Wednesday 31 January.

Pound Sterling is converted to €1.1406, in Bloomberg figures at 7:20am this morning.

This is an increase in value compared to yesterday, when the pound converted to €1.1355.

The fall on Thursday followed a government report which was leaked and suggested Brexit had a negative impact on UK growth.

However, the pound later picked up after comments from Mark Carney, governor of the Bank of England.

TorFX currency analyst Laura Parsons said the pound has “pushed back”.

“The GBP/EUR exchange rate initially faltered on Tuesday in response to a leaked government report detailing the negative impact of Brexit on UK growth.

However, she said it had made a recovery: “The pairing was later able to push back above €1.140.”

“While demand for the euro was undermined by a disappointing German inflation report, the pound was lifted by bullish comments from Bank of England (BoE) Governor Mark Carney.”

She added that the pound had further potential today following the Eurozone inflation reports.

If today’s Eurozone inflation report falls short, GBP/EUR could extend gains in the hours ahead.

Yesterday, Laura correctly predicted the pound would rise again today.

According to Laura, this was thanks to “a run of influential ecostats for the Eurozone.” 

She added: “Today’s German inflation numbers could help Sterling creep back towards last week’s highs if they show a decline in consumer price pressures.”

“However, the Eurozone’s growth stats are expected to be sturdy and could limit any EUR losses.”

At the beginning of the week, she said the week held “positive potential” for GBP. 

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