Pound to euro exchange rate: Sterling suffers despite political chaos in Eurozone

Pound to euro exchange rate: Sterling suffers despite political chaos in Eurozone

Spain’s Prime Minister has given the leader five days to clarify whether or not he has declared independence for the region. 



Mariano Rajoy told parliament Spain was facing the most serious threat to its democracy of 40 years. 

Meanwhile political tensions in the UK continue to put the pound under pressure. 

With the fifth round of Brexit negotiations underway this week, fears have emerged of a no deal outcome between Britain and the EU in 2019.

The exchange rate remains volatile to these concerns, as well as data out of the Eurozone and UK. 

TorFX currency analyst Laura Parsons said: “Easing concerns about the Catalan independence crisis and ongoing Brexit woes kept the GBP/EUR exchange rate under pressure on Wednesday. 

“The pound remains trading in the region of €1.116 and could ease lower in the hours ahead if the Eurozone’s industrial production figures impress. 

“With UK data in short supply for the rest of the week, developments in the fifth round of Brexit negotiations are likely to be the main cause of Sterling shifts.”

Published at Thu, 12 Oct 2017 06:56:00 +0000

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