The Pound Sterling to Euro (GBP/EUR) exchange rate has risen today as the UK has been bolstered by reports stating UK Q2 economic productivity has risen at its fastest rate in four years.
GBP/EUR Exchange Rate News: UK Construction PMI Rounds Off Overall Positive Week for Sterling
The Pound Sterling (GBP) has advanced against a number of competitors today, with the most notable gains being by over 0.4% against the Euro (GBP/EUR), the Danish Krone (GBP/DKK) and the Hungarian Forint (GBP/HUF). Few notable losses have been recorded for the Pound, with the worst being a -0.3% fall against the Israeli New Shekel (GBP/ILS).
Although this week has been relatively quiet in terms of UK economic releases, the Pound has benefited today from the Construction PMI for September, which has risen above estimated to come in at 59.9, up from 57.3.
Euro takes a Tumble as Draghi’s Optimism fails to Transfer to Investors
The Euro (EUR) has had a more consistent day than the Pound (GBP) today, although not in the manner investors have been hoping for. Against all of its rivals, the common currency has declined in value: the greatest drops have been by -0.3% against the Canadian Dollar (EUR/CAD), the New Zealand Dollar (EUR/NZD) and the South African Rand (EUR/ZAR) in addition to a -0.4% loss against the Pound Sterling (EUR/GBP).
This has chiefly come about from a successive string of negative economic publications this week from Tuesday onwards, and an inability for European Central Bank (ECB) President Mario Draghi to translate his supportive speech for the Eurozone economy into discernible gains for the single currency. Draghi stated yesterday that the Eurozone was undergoing ‘sustained growth, under the impulse of our monetary policy’. Although this was naturally beneficial to investors in the Euro, Draghi’s words failed to stick and the Euro remained in a downtrend today.
GBP/EUR Exchange Rate Forecast: Pessimistically Predicted Eurozone Data to Round off the Week
Future movement in the GBP/EUR exchange rate before the weekend can only come directly from the last Eurozone results of the day; the monthly and yearly PPIs for August. In what may be the fourth day of detrimental data releases in a row for the Euro (EUR), both the monthly and annual variants are scheduled to drop, by -0.6% and -2.4% respectively.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3580 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7364 today.
