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GBP vs EUR currency overview for 18th March 2018Due to continued dovishness from European Central Bank (ECB) officials, the Euro has seen weak performance over the past week and this has been the primary cause of Pound to Euro exchange rate gains.
ECB President Mario Draghi has asserted that if Eurozone inflation remains subdued, the bank is in no rush to end its bond-buying programme. This has left markets more doubtful that the ECB will take a more hawkish tone on monetary policy any time soon.
Next week’s Eurozone economic calendar will see the publication of confidence data from ZEW and Ifo, as well as Markit’s March PMI projections for the bloc.
GBP vs EUR trend analysis for 18th March
As both the long term trend (green line) and the short term trend (blue line) are pointing downwards on the GBP-EUR chart, the Pound is weakening against the Euro.This means that you can generally buy less Euros for every Pound.
As the blue line is steeper than the green line, this shows that the Pound is continuing to weaken against the Euro, which is not good news if you want to buy Euros.
At time like these, when the GBP is weakening against the EUR, it can be a good opportunity to exchange Euros for Pounds (if you have any) as the exchange rate is more in your favour.
The overview update is provided by TorFX, a leading foreign exchange broker. Click here for market leading GBP/EUR exchange rates
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