The Pound Sterling to Euro (GBP/EUR) exchange rate has risen today as the Q2 Eurozone results showed a 0.3% growth, 0.1% below forecasts.
GBP/EUR remains Overall Winner, though UK Construction Data Fails to Trigger Rally
The Pound Sterling (GBP) has risen against the Euro (GBP/EUR) by 0.1% today, a minor gain after underwhelming growth data for the Eurozone and the UK didn’t induce any major movement in the pairing. The Eurozone’s weak economic growth was mostly attributed to GDP figures from Germany, France, Italy and the Netherlands all falling below forecast. Although the Greek bailout deal will make it to Brussels today (after an over 7-hour debate and voting session in Athens), there is no guarantee that the agreement will be passed, as German objections remain a thorn in the side of a rapid conclusion.
The UK monthly and yearly June Construction Output figures released today showed growth in both fields, but as with the Eurozone GDP results, these were both below forecast, and failed to have a major impact on the Pound’s performance.
Earlier…
The Pound Sterling to Euro (GBP/EUR) exchange rate has bounced back today, as lingering doubts about Greece once again lowered the value of the Euro (EUR).
Euro (EUR) falls in value as German Objections Threaten to Derail Agreement in Brussels
The Pound Sterling (GBP) has gained by 0.4% against the Euro (GBP/EUR) today, a significant improvement on yesterday’s decline of -0.9%. This comes as the weekly news of a Greek bailout agreement is set to finish on Friday. Despite the immediacy of the talks, the Euro (EUR) has softened today, a significant reversal in performance following a major uptrend across the week.
This comes with news that the German Federal Ministry of Finance (FMoF) has had ‘questions’ about the specifics of the bailout, and was also said to have ‘major objections’ about the sustainability of the package. Although a conclusion to the talks seems imminent, the meeting in Brussels tomorrow will still require the approval of other Eurozone finance ministers, and any further delays are likely to diminish confidence in the Euro once more.
The Euro has fallen against the US Dollar by -0.3%, but has gained against the Australian Dollar (EUR/AUD) by 0.1%.
Earlier…
The Pound Sterling to Euro (GBP/EUR) exchange rate has plummeted today after the UK Employment, Jobless Claims and Wages data failed to give the Pound (GBP) an edge against the rising Euro (EUR).
Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Pound’s (GBP) Performance Fluctuates following Discouraging UK Job Losses
The Pound Sterling (GBP) has fallen against the Euro (GBP/EUR) by -0.9% today, after a collection of UK data failed to reverse the uptrend that the Euro (EUR) has followed since Monday. The Pound fell by -0.9% against the Czech Koruna (GBP/CZK) and the Danish Krone (GBP/DKK) today, and saw greater losses of over -1.2% against the Swiss Franc (GBP/CHF) and the Norwegian Krone (GBP/NOK). However, today has not been entirely negative for the Pound; gains of over 1% have been recorded against the Indian Rupee (GBP/INR) and the Chinese Yuan (GBP/CNY), and a significant increase of 2.2% against the Russian Ruble (GBP/RUB) has also been seen.
The UK Employment Change figure for the three months to the end of June saw a loss of -63K jobs; this crushing result wasn’t offset by the positive -4.9K decrease in the Jobless Claims Change figure for July. Elsewhere, the yearly Average Weekly Earnings through June showed a below-forecast result of 2.4%.
Euro to Pound Sterling (EUR/GBP) Exchange Rate Sees Common Currency (EUR) Soar as Greek Drama Reaches Finale
The Euro (EUR) has gained against all major rivals today as optimism for the Eurozone has increased throughout the week. This comes after the confirmation today that the Greek government is looking to close the current negotiations by the end of Thursday, with Friday morning being a possible extension to this timing. The common currency has gone from strength to strength this week, and the 1.2% growth recorded in the Eurozone yearly Industrial Production figure for June has failed to halt this momentum despite the figure being well below the 1.7% forecast.
The Euro rose against the Pound Sterling (EUR/GBP) and the US Dollar (EUR/USD) by 0.9% today and expanded on these advances with a 1% rise against the South African Rand (EUR/ZAR) and a 1.8% trouncing of the Indian Rupee (EUR/INR).
Pound Sterling to Euro Exchange Rate Forecast: EUR/GBP Set to Remain on Top as Tomorrow Brings Possible Bailout Conclusion
The ratio of UK:Eurozone data releases tomorrow is disadvantageous; the only UK release is the RICS House Price Balance for July, whereas five different German/Eurozone results are due in on the same day. The RICS results has been cautiously forecast for minor growth, but any major gains in the German yearly Consumer Price Indices for July are likely to eclipse this slight support for the Pound’s (GBP) performance. In an unusual twist, the ongoing situation in Greece has now become beneficial to the Euro’s (EUR) performance and an agreement on the bailout conditions on Thursday or Friday will likely push the Euro higher against its competitors.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3987 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7151 today.
