EUR/GBP Exchange Rate Rises as UK Economic Outlook Remains Uncertain
The Euro Pound (EUR/GBP) exchange rate rose by 0.4% after UK retail sales slowed in May after April’s strong surge following the easing of the UK’s lockdown measures. The pairing is currently fluctuating around £0.86.
CBI economics commented on the data:
‘Retailers reported sales volumes as being broadly average for the time of year in May, and they expect volumes to remain in line with seasonal norms next month.’
As a result, GBP investors have become more cautious about the outlook for the British economy, as the outlook for the UK economy still remains relatively uncertain.