Pound to euro exchange rate: Sterling climbs after ‘boost’ from UK manufacturing

Pound to euro exchange rate: UK manufacturing news has affected the pound (Image: Getty)

THE POUND has increased against the euro following a disappointing end to the week, which saw the UK exchange rate drop beneath £1.140. What is the current exchange rate?

Viraj Patel: Too much pessism about pound euro exchange rate

The UK exchange rate has improved to £1.143 following a fall at the end of last week.

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Ending on £1.136 last Friday, the pound has managed to improve against the euro today.

UK manufacturing data was less than positive, following a decrease in orders and an increase in unsold stock.

The Office for National Statistics estimated that the sector has slowed in the first three months of 2018.

Growth was recorded at just 0.2 per cent from January to March, which was slower but better than estimated.

Better-than-expected UK manufacturing data gave the pound a boost on Friday

Laura Parsons

Laura Parsons, currency analyst at TorFX, explained the movement of the pound today.

“Better-than-expected UK manufacturing data gave the pound a boost on Friday, but gains against the euro were limited as the common currency was supported by easing political tensions in Italy,” she explained.

A coalition deal was decided in Italy when Giuseppe Conte, 53, accepted the role of Prime Minister.

The law professor, with no history in politics, will lead the country after political parties Lega and Five Star Movement agreed to form a coalition government.

A joint statement confirmed: “The conditions for a political government have been found. It has been long hard work but we have done it.”

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Ms Parsons also explained how the pound could move later this week.

She said: “If today’s UK construction PMI also beats forecasts, the GBP/EUR exchange rate may be able to push slightly higher ahead of tomorrow’s more influential service sector report.”

A drop in UK construction for May is expected, after an increase in April saw it rise to 52.5.

This jump followed from March figures seeing 47.0.

A fall for this month’s data could hinder the growth of the exchange rate.

Pound to euro exchange rate: Avoiding airports exchange and abroad ATMs can help get a good rate (Image: Getty)

Travellers wanting to get the best exchange rate can make sure to avoid a number of common mistakes.

Exchanging money at the airport before a holiday is one of the worst ways to purchase foreign currency.

Lows of 90 cents have been recorded against the pound in UK airports, following the fluctuating exchange rate.

Withdrawing cash abroad can also mean Britons take a hit when on holiday.

ATM fees hit a whopping £125 million a year when resorting to using cash machines in a foreign country.

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