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Pound to Euro (GBP/EUR) Exchange Rate Rises as UK Construction Data Boosts Economic Confidence

Published: 4 Mar at 6 PM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Euro Crisis, UK, Exchange Rates, Economy, Pound Euro Exchaneg Rate,

The Pound to Euro exchange rate rose by 0.5% today, with the pairing currently fluctuating around €1.16.

Sterling rose following yesterday’s announcement of the 2021 Budget. Chancellor Rishi Sunak repeated his pledge to do ‘whatever it takes’ to help the UK economy recover from the Covid-19 pandemic.

Additionally, the UK’s Covid-19 infections continue to drop, buoying confidence in the outlook for the economy in the months ahead.

Today also saw promising UK economic data in the form of the latest Construction PMI report, which beat forecasts and rose to 53.3.

Tim Moore, the Economics Director at IHS Markit, commented on the report:

‘Construction work regained its position as the fastest growing major category of UK private sector output in February. The rebound was supported by the largest rise in commercial development activity since last September as the successful vaccine rollout spurred contract awards on projects that had been delayed at an earlier stage of the pandemic.’

Meanwhile, the Euro has suffered from an increasingly gloomy outlook for the Eurozone’s economy.

Today saw the release of the latest Eurozone Retail Sales report for January, which fell by -5.9%.

Consequently, EUR investors are becoming more concerned about the Eurozone’s economic recovery, especially considering the bloc is behind in rollout out Covid-19 vaccines compared to other nations, including the UK.

Looking ahead, Euro investors will be awaiting Friday’s publication of Germany’s Factory Orders for January.

Any improvement in the outlook for the Eurozone’s economy would be EUR-positive.

The GBP/EUR exchange rate will continue to be driven by UK market optimism. With the UK economy expected to reopen in the coming months, Sterling is likely to head higher.