Pound to euro exchange rate: Sterling recovers following ‘worst levels’ last week

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Pound to euro exchange rate

GettyPound to euro exchange rate: Sterling falls after 'worst levels' low

The pound has recovered against the euro after reaching disastrous lows last week.

It is currently trading at £1.124 as of 7:20am this morning, following lows of £1.118 last week.

Uncertainty surrounding Brexit and the proposals currently being lined up for the UK to leave in 2019 has had a knock-on effect on the exchange rate.

With the UK and the EU still struggling with a number of issues, the pound is expected to fluctuate further this week.

UK consumer spending has also struggled, with weak figures to start the year and is the lowest since 2012

UK consumer spending has also struggled, with weak figures to start the year and is the lowest since 2012.

A report by Visa found that Britons have tightened their belts substantially, with the first quarter of 2018 expected to be the “worst on record”.

This hasn’t been helped by a fall in high street spending, and the number of people hitting the streets down by 0.5 per cent.

Annabel Fiddes, an economist at IHS Markit, who compiled the data for Visa, commented: “Rising living costs, lacklustre wage growth and relatively subdued consumer confidence are all likely playing a part in the ongoing reduction in household spending.”

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