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Pound Euro (GBP/EUR) Exchange Rate Steady as England’s Covid-19 ‘Pingdemic’ Threatens Economic Recovery

Published: 29 Jul at 3 PM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Euro Crisis, UK, Exchange Rates, Economy, Pound Euro Exchaneg Rate,

The Pound Euro exchange rate held steady today as the UK’s ‘pingdemic’ crisis, with the NHS Covid-19 track-and-trace app contacting nearly 700,000 people in the past week, has dampened confidence in the UK’s economic recovery. The pairing is currently fluctuating around €1.17.

Health secretary Sajid Javid also added that ‘no one really knows’ which direction the Covid-19 pandemic will progress from here.

Consequently, confidence in the UK’s economy is quickly fading, with fear that the ‘pingdemic’ could hold back the nation’s economic recovery in the coming months.

However, with Covid-19 infection rates falling for eight consecutive days, some Pound investors have remained optimistic.

UK infection rates, hospitalisations, and deaths from the virus following the easing of lockdown restrictions on 19 July, however, are yet to be fed into data.

The Euro (EUR) failed to rise against GBP today despite a better-than-expected German unemployment rate report for July.

The figure fell from June’s 5.9% to 5.7%, buoying optimism in the Eurozone’s biggest economy.

Analysts at Reuters said:

‘German unemployment fell in July as companies hired more staff in light of a recovery in Europe’s largest economy.

‘The Labour Office said the number of people out of work fell by 91,000 in seasonally adjusted terms to 2.598 million. A Reuters poll had forecast a fall of 28,000. The seasonally adjusted jobless rate fell to 5.7%.’

However, this failed to significantly move the EUR/GBP exchange rate, with single currency investors instead worried about rising Covid-19 infections throughout Europe.

In absence of any UK economic data for the rest of this week, GBP investors will monitor the UK’s Covid-19 situation.

The Pound Euro exchange rate would head higher, however, if Covid-19 infection rates show a falling trend.

Euro traders will be looking ahead to tomorrow’s release of the flash Eurozone GDP data for the second quarter.

Could an uptick in Eurozone economic growth see the EUR/GBP exchange rate climb higher?