The Pound exchange rate remains well supported by continued strength in domestic data, but has slipped back against the Euro Exchange Rate in recent days following the lack of any new easing action at the ECB meeting. Why Forex Traders continue to buy Euros is a mystery that leaves me scratching my head.
While Pound exchange Rate still has potential to gain ground against the Euro Rate in more risk positive conditions, there is little to change the picture on today’s calendar, and any Pounds to Euros gains may well have to wait for more data later in the week, with industrial production tomorrow the first data of any note.