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GBP/EUR exchange rate rallies as ECB slashes Eurozone 2019 growth forecast

The GBP/EUR exchange rate rises as the ECB cuts its 2019 growth forecast to 1.1 per cent.

Centtrip makes its second home in Amsterdam

The Pound Euro (GBP/EUR) exchange rate rose over the course of the afternoon following the release of the European Central Bank’s (ECB) latest monetary policy statement.

Today the European Central Bank (ECB) kept interest rates on hold as expected at 0%. Sentiment in the Euro was dampened as the ECB cut its 2019 growth forecast from 1.7% to 1.1%.

Euro slips despite Eurozone GDP slight growth

This morning, Eurostat released the seasonally adjusted Q4 2018 GDP figure for the Eurozone.

Eurozone GDP grew slightly in the final quarter of 2018, but the annualised figure fell below expectations, rising by 1.1%, below the 1.6% of Q3. The quarterly rise was driven by imports and exports, investments and household spending.

Commenting on the data, Centtrip Analyst Stephen Hubble said: ‘The Eurozone appears to be catching the economic cold spread by China and the US, caused by trade tensions, and today’s drop in GDP to 1.1 per cent could just be the tip of the iceberg.’

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