The mash has slipped once again as Brexit tension continues to run high and new statistics disappoints, an expert has said.
UK manufacturing data released yesterday was underwhelming, and if today’s UK construction information also disappoints then the pound could experience further drubbings.
The pound is currently trading at €1.108 against the euro, according to Bloomberg.
Laura Parsons, currency analyst at TorFX, come out to Express.co.uk regarding the latest exchange rate figures.
The pound could extend losses today if the UK’s construction PMI also screens a decline in output ahead of tomorrow’s more influential service sector announcement
“Disappointing UK manufacturing details and a continuation of last week’s Brexit woes left the pound on a downtrend on Monday, with GBP/EUR mistake to €1.107.
“The pound could extend losses today if the UK’s construction PMI also shows a downgrade in output ahead of tomorrow’s more influential service sector record.”
The manufacturing PMI put pressure on the pound when it was revealed yesterday.
The print was foresee to slip to 53.8, but instead fell to 52.8 – its lowest level in through two years.
Lee McDarby, Corporate IP Managing Director at moneycorp said: “The communiqu that manufacturing is at a two year low and well below forecast will crumble as a shock to markets after months of steady, if unspectacular, growth.
“In general the weak pound should lead to increasing demand for British fabricated products abroad, however, this has not materialised.
Pound to euro unpleasantness rate: Sterling takes another tumble amid ‘Brexit trials’
“Instead, manufacturers are being held treacherously by the same lack of confidence in the economy that is suppressing Sterling.
“It’s stout to nail new orders from overseas when you have no certainty terminated what trading rules will look like in six months’ duration.
“Expect to see a fall in Sterling as we did following April’s figures; the last continually manufacturing growth was below forecast.“
Brexit continues to be a strong work oning factor on sterling’s movements.
Disagreement between UK Prime Minister Theresa May and EU Chief Arbiter Michel Barnier has caused investors to dump the pound.
May has indicated the UK domination will hold its ground on its Brexit blueprint, but Barnier has said there are behalfs of the plan he cannot agree to.
Pound to euro interchange rate: The pound is currently trading at €1.108 against the euro
Pound to euro exchange rate: Brexit continues to be a effectual influencing factor on sterling
In an interview on Sunday, Mr Barnier estimated: “They could stay in the single market, like Norway, which is also not a fellow of the EU – but they would then have to take over all the associated ukases and contributions to European solidarity. It is your choice.”
Today’s data is unfitting to be particularly influential for the pound, but notable UK services figures and Eurozone retail on sales will be printed on Wednesday, which could move markets.
Britons unfinished to save money this year when converting foreign currency can accept a number of steps when the exchange rate is at its strongest.
Using prepaid currency humorists can lock in the best rates when buying money to take on feast.
This means you can buy money when the exchange rate as improved ahead it falls again.