The Pound Sterling to Euro (GBP/EUR) exchange rate has declined today while the Pound Sterling to US Dollar (GBP/USD) exchange rate has risen marginally.
GBP/EUR, GBP/USD Exchange Rate News: BoE’s Broadbent’s Speech Encourages Sterling Investors Today
The Pound Sterling (GBP) has had a moderate performance today, although its current rate is an improvement on earlier when the Pound was in a strong decline across the board. The Pound has risen fractionally against the US Dollar (GBP/USD) and hit 0.5% against the Chinese Yuan (GBP/CNY) and the Indian Rupee (GBP/INR), although losses have been seen of -0.2% against the Euro (GBP/EUR) and more than -0.4% against the Swedish Krona (GBP/SEK) and the Russian Ruble (GBP/RUB).
Although the Pound was soft earlier, it has strengthened following a speech from Bank of England (BoE) Deputy Governor Ben Broadbent at the Reuters Newsmaker event this morning. Broadbent warned investors against ‘focusing too obsessively’ on the UK inflation rate when making their UK interest rate rise forecasts, something that seems to have been taken to heart with the current appreciation of the Pound.
Single Currency Revitalised by ECB’s Mersch Speech Today as US Dollar makes Minor Movement
The Euro (EUR) has made its best performance so far this week by uptrending against most of the competition. The single currency has risen by 0.2% against the Pound Sterling (EUR/GBP), 0.3% against the Australian Dollar (EUR/AUD) and more than 0.4% against the US Dollar (EUR/USD) and the Indian Rupee (EUR/INR). The only notable loss has been a narrow trending against the South African Rand (EUR/ZAR).
The main cause for the Euro uptrend today has been a speech by European Central Bank (ECB) Executive Board Member Yves Mersch, who has outlined the ECB’s ‘Capital Markets Union’ and its plans for expanding the Eurozone economy up to 2020.
The US Dollar (USD) has had a poor showing across most fields today, with declines being the most abundant results. The ‘Buck’ has fallen by -0.3% against the Euro (USD/EUR) and -0.4% against the South African Rand (USD/ZAR) today, in addition to falling slightly against the Pound Sterling (USD/GBP) and the Australian Dollar (USD/AUD).
GBP, EUR, USD Exchange Rate Forecast: US Mortgage Figures and Further ECB Speeches Out Today
With the UK’s sole economic event now over today, the only remaining influence for the pairing will come from the US and the Eurozone.
In the former field, the US MBA Mortgage Applications to November 13th and later release of the October 27th-28th Federal Open Market Committee (FOMC) Meeting Minutes will be the highlights of the day, while in the latter speeches from the ECB’s Luc Coene and Sabine Lautenschlaeger will be given throughout the afternoon.
At the time of writing, no forecast had been made for the result of the US Mortgage results, but the previous printing fell by -1.3%. As the last minutes published by the Fed prior to their last Interest Rate Decision of the year on December 16th, the FOMC’s minutes will provide a key insight into the Fed’s overall attitudes regarding their last chance to implement a US interest rate hike before 2016.
If the speeches from Coene and Lautenschlaeger are anything like the contribution from Mersch’s this morning, the Euro (EUR) may jump up further after these planned speeches have been delivered.
Current GBP, EUR, USD Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.4272, the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7007, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.5234, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6566, the Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0673 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9371 today.
