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Sterling continues to slip against the euro

Sterling dipped against the euro again today, kept under pressure by the single currency’s renewed strength as relieved investors turned optimistic on Europe after the first round of the French presidential election.

On Monday the pound had its worst day versus the euro since early January, falling 1.4 percent after a run-off vote between two strongly anti-EU candidates was averted in the election. Expectations that centrist Emmanuel Macron will easily beat far-rightist Marine Le Pen in the second round on May 7 have fuelled a relief rally in the EU’s shared currency.

Sterling had rallied almost 2 percent last week to hit four-month highs versus the euro after British Prime Minister Theresa May called a snap election. Investors expect her Conservatives to win by a landslide, giving her a clear domestic mandate as Britain heads into exit negotiations with the European Union.

This week, investors will look for UK economic output data out on Friday, while eyes will also be on an EU summit on Saturday at which draft negotiating guidelines for Brexit will be finalised.

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