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GBP/EUR Exchange Rate Heads Higher as the Outlook for the Eurozone’s Economy Darkens
The Pound to Euro (GBP/EUR) exchange rate rose by 0.3% today, with the pairing currently trading around $1.108.
The Euro (EUR) suffered today after the latest Eurozone Construction PMI for December fell below forecasts to 45.5.
With the Eurozone’s construction sector declining for the tenth month, EUR investors are concerned about the bloc’s economic recovery going into 2021.
Usamah Bhatti, an economist at IHS Markit, commented:
‘Concerns surrounding the longer-term impact that the pandemic will have on the wider construction sector, alongside a lack of new projects in both the public and private sector being bought to tender resulted in an extension to the pessimistic outlook held by eurozone-based builders for a fifth month in a row.’