Pound Strengthens as Stronger UK GDP Fuels Rate Hike Bets

The Pound to Euro exchange rate continued its upward trend on Wednesday, reaching €1.1690 and gaining around 0.2% from the start of the day.

This increase in value follows the publication of revised GDP figures, which showed that the UK economy performed better than initially thought during the spring, with a growth rate of 0.5% in the second quarter.

Currency markets took this news positively, as it suggests that the Bank of England will have more room to raise interest rates when policymakers meet in November.

The Euro, on the other hand, was subdued due to disappointing retail sales figures from Germany and a rise in unemployment numbers.