Euro to Pound Sterling (EUR/GBP) Exchange Rate Climbs almost 0.3%
The Euro to Pound Sterling (EUR/GBP) exchange rate recovered around 0.3% as the European session progressed on Monday and Germany published encouraging IFO reports.The IFO Business Climate gauge advanced from 105.5 to 106.7 in January, beating expectations for a reading of 106.5.
Similarly, the IFO Current Assessment index jumped to 111.7 from 110 in December.
The news that Syriza had to form a coalition after failing to secure the outright majority also reduced Grexit concerns and lent the Euro support.
In the view of strategist Alessandro Bee; ‘Syriza’s win won’t be as bad for markets now as it could have been a few months ago. Tsipras is less aggressive and willing to negotiate. The result will affect sentiment on Greece, but in a broader European context it’s just a blip. Markets are still in a risk-on mode and any news is dwarfed by the ECB stimulus programme’.
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