Euro Pound Exchange Rate Climbs as Eurozone PMIs Beat Forecasts
Despite some forecast-beating UK data supporting Sterling (GBP), the Euro Pound (EUR/GBP) exchange rate is climbing again today. The Euro (EUR) is benefitting from the latest Eurozone PMIs, which point towards an optimistic outlook for Eurozone recovery.
Since opening this week at the level of 0.8658, EUR/GBP has spent most of the week trending with a downside bias.
However, amid the European Central Bank (ECB) policy decision yesterday, investors bought the Euro and pulled EUR/GBP to weekly highs.
At the time of writing, EUR/GBP is trending near those highs in the region of 0.8689. This isn’t too far from last week’s monthly best level of 0.8717.