020 7898 0500The euro had an excellent day against sterling as it pushed the UK currency back down to fresh thirteen month lows. This was generally down to sterling weakness in response to an Office for Budget Responsibility (OBR) pool data release, which showed that there was strong sentiment for the UK public voting in favour of Britain exiting the EU on the 23rd June. This benefitted the euro in the short term, but if Britain does leave the European Union, this will also affect the position of the euro against its major currency pairings in the longer term. Consumer Price Index figures from both France and Italy came out as a similar figure to that expected and showed signs of improvement, which helped support the single currency throughout the day.
There is no key data or news expected to be released from the eurozone today, with the majority of European investors listening carefully to the Budget Statement in the UK and on the lookout for any potential news on growth forecasts for the UK, in its position as a large trading partner for Europe.
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