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Euro Reaches 1-Week High Versus Pound, as Eurozone Joblessness Falls

Market CommentaryEuro Reaches 1-Week High Versus Pound, as Eurozone Joblessness Falls
Euro Reaches 1-Week High Versus Pound, as Eurozone Joblessness Falls
Image credit: Robin Bos.

Welcome to Pure FX's latest update of the euro to pound interbank exchange rate!

The common currency rises versus sterling! The euro to pound interbank exchange rate has reached 0.9049 today, its highest in 1 week, or since January 3rd.

If you're a Brit selling your property in Spain or France and returning to the UK, or a European emigrating to the UK, this may be helpful information for your currency transfer!

Euro Strengthens, as Eurozone Unemployment Falls

The euro to pound interbank exchange rate has hit this 1-week high, because Eurozone unemployment unexpectedly fell in November, said official data on Wednesday.

According to Eurostat, joblessness in the common currency bloc fell by -0.1% in November to 7.9%, easily beating forecasts for a rise to 8.1%.

This is the Eurozone's lowest unemployment rate in 10 years, since October 2008, and was buoyed by falling joblessness in Italy and Spain.

This bodes well for the Eurozone's economy, even with recent signs of slowing economic growth, thus lifting the euro!

Pound Weakens, as UK Retail Sales Sink in December

Furthermore, the euro has also hit this 1-week high versus the pound, because the UK's retail sales fell in December, said the British Retail Consortium (BRC) today.

According to the BRC, UK like-for-like retail sales fell by -0.7% last month, far below forecasts for a smaller -0.3% decline, and the worst Christmas since 2008.

BRC chief executive Helen Dickinson said about these figures, "Squeezed consumers chose not to splash out this Christmas, with retail sales growth stalling for the first time in 28 months."

This may slow the UK economy, thereby weighing down sterling too!

Sterling Falls, as Pound May Fall to Parity in 2019

What's more, the euro to pound interbank exchange rate has also hit this 1-week high, because sterling may fall to parity versus the euro this year, say new reports.

According to Robert Howard at respected news source Thomson Reuters yesterday, Paddy Power is now putting just 3-1 odds on sterling hitting parity with the Eurozone's common currency in 2019.

Mr. Howard says that a 'No Deal' Brexit, in which the UK crashes out of the EU at the end of March without a deal, would push the pound to parity against the euro.

This risk has also lifted the euro versus sterling today!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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