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Pound to euro exchange rate: GBP struggles for strength as major BoE meeting looms

Instead, the coronavirus pandemic and subsequent global fallout continue to lead the way for traders.

Today’s Bank of England meeting will observe the UK economy’s current standing, though in the wake of new unemployment and rising coronavirus cases, experts suggest that it is unlikely there will be any major developments.

George Vessey, currency strategist at Western Union, commented: “Although no changes to policy are expected to be announced, the BoE is actively reviewing the prospect of Negative Interest Rate Policy (NIRP), which would likely weaken the pound.

“For now, it seems more likely the central bank will await more clarity on UK-EU trade talks before implementing NIRP, although money markets are already pricing in negative rates for early next year.

READ MORE: Spain holidays: FCO issues hotel warning for Britons

Source Daily Express :: Travel Feed

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