The pound to euro has fallen in favour of the European currency today, Tuesday 12 June.
Pound sterling is converting to €1.1351 according to Bloomberg figures correct at 7:20am this morning.
This compared to yesterday when it converted to the higher value of €1.136.
Laura Parsons, currency analyst at TorFX, told Express.co.uk negative employment data today could further affect the GBP currency.
She said: “Monday’s run of UK data did little to help the pound, with all the reports falling short of forecasts.
The pound to euro exchange rate has fallen in favour of the euro currency today
“Particularly discouraging was the news that the UK’s GDP estimate for the three months through May came in lower than forecast at 0.2 per cent.
“The rate of manufacturing and industrial production also declined unexpectedly, while construction output slumped -3.3 per cent on the year.
“The GBP/EUR exchange rate hit a low of €1.132 after the data was published.
She warned today’s employment figure could negatively affect the pound if it proves “disappointing”.
“Today’s UK employment figures are likely to spark some Sterling movement this morning, with disappointing wage growth figures having the potential to send GBP stumbling.
Pound to euro exchange: The Sterling currency has fallen according to figures
Pound to euro exchange rate: Negative UK employment data could affect GBP
But it is not all bad news for the Sterling currency, she added.
“However, GBP/EUR losses may be limited if the German and Eurozone ZEW economic sentiment surveys show a decline in confidence.”
Yesterday, Laura said there could be improvement for the pound this week.
Laura told Express.co.uk: “The GBP/EUR exchange rate has fallen back to trade in the region of €1.136, down by around a cent from last week’s best levels.”
Last week on Tuesday GBP reached 1.142 EUR. The expert revealed there was hope for the pound sterling this week.
Laura said: “We’ve got a pretty busy day of UK data to kickstart the week, including manufacturing/industrial output figures, a construction output report and the nation’s latest growth estimate.
Pound to euro exchange rate: The pound is down compared to yesterday according to Bloomberg data
“Signs that growth picked up in the second quarter of 2018 would be Sterling-supportive.”
There was some suggestion that Brexit has been having a somewhat negative effect on the pound.
Laura told Express.co.uk that David Davis potentially resigning caused the pound to fluctuate.
The 69-year-old Conservative MP and Secretary of State for Exiting the European Union has prompted rumours he may resign.
What would this mean for the pound? Laura Parsons, currency analyst at TorFX, said: “While the prospect of Brexit secretary David Davis resigning left the pound fluctuating on Thursday, Sterling found some support in the form of fresh speculation that the Bank of England (BoE) could be gearing up for a rate hike in August.”