The Euro to Pound Sterling (EUR/GBP) exchange rate has risen marginally today, while the single currency has made healthy gains against other rivals.
EUR/GBP Exchange Rate News: Better-than-Expected Eurozone PMI Figures Push Euro Up Today
The Euro (EUR) has trended narrowly in a positive range against the Pound Sterling (EUR/GBP) today, while far greater advances have also been observed against other competitors. This has equated to advances of 0.6% against the Canadian Dollar (EUR/CAD), 0.8% against the New Zealand Dollar (EUR/NZD), 0.9% against the Australian Dollar (EUR/AUD) and 1.1% against the South African Rand (EUR/ZAR). The Euro’s performance today is largely better than had originally been predicted, factoring in all of the relevant influences on the pairing.
The Euro’s main beneficial event today has been the release of Manufacturing, Services and Composite PMIs from across the Eurozone. These have largely improved upon predicted figures, although France has been the lagging member of the pack, having understandably slipped following the recent attacks in Paris.
GBP/EUR Exchange Rate Fares Poorly; Sterling makes Major Gains Elsewhere Today
The Pound Sterling to Euro (GBP/EUR) exchange rate has declined marginally today, but the only other notable loss for Sterling has been a -0.2% drop against the US Dollar (GBP/USD). Elsewhere, the Pound has climbed by over 0.8% against the Australian Dollar (GBP/AUD), the New Zealand Dollar (GBP/NZD), the Russian Ruble (GBP/RUB) and the South African Rand (GBP/ZAR).
No UK data is due out today, but the Pound has recently been strengthening on the news that UK defence spending is due to increase by 30%; this has subsequently favourably raised the value of UK defence company stocks such as BAE Systems.
EUR/GBP Exchange Rate Forecast: Eurogroup Meeting due ahead of Tomorrow’s German Data
With no UK economic publications to speak of until tomorrow, the Euro (EUR) will have a clear field to initiate exchange rate movement today. The single currency’s next shift in value today is likely to come from a meeting of the Eurogroup this afternoon.
Looking further ahead, tomorrow morning will bring a spate of German economic publications, covering the nation’s Q3 GDP results along with the IFO surveys for Business Climate, Current Assessment and Expectations for November. Adding to this will be speeches from European Central Bank (ECB) officials Carlos Costa and Daniele Nouy during the morning.
The Pound Sterling’s (GBP) exchange rate contribution will be the low-impact Confederation of British Industry (CBI) Reported Sales for November, which are expected to rise from 19 to 25.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 1.4259 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 0.7014 today.