The Euro to Pound Sterling (EUR/GBP) exchange rate has risen marginally today as the Eurozone Inflation Rate figures for September have supported the single currency.
EUR/GBP Exchange Rate News: Positive Inflation Postings Send Euro Trending Higher Today
The Euro (EUR) has posted only slight gains against the Pound Sterling (EUR/GBP) today, although greater advances have been seen elsewhere. Among these have been 0.3% against the Canadian Dollar (EUR/CAD), 0.5% against the New Zealand Dollar (EUR/NZD), 0.6% against the South African Rand (EUR/ZAR) and 0.7% against the Australian Dollar (EUR/AUD).
The biggest boost to the Euro’s performance today has come from the beneficial result of the Eurozone CPIs for September. The Core Inflation Rate met with predictions to rise by 0.9%, while the base monthly figure increased from 0% to 0.2%. The data was not entirely positive, however, as the base annual posting fell to -0.1%. Suffice it to say, it is possible that these releases have been sufficient to allay fears of further quantitative easing from the European Central Bank (ECB), for the time being at least.
Pound Sterling comes out Strong as ‘Brexit’ Situation Forces UK PM’s Hand
Despite suffering from a distinct shortage of data today, the Pound (GBP) has managed to post some strong gains against a number of rivals. These have included advances of 0.4% against the Mexican Peso (GBP/MXN), 0.6% against the Turkish Lira (GBP/TRY), 0.7% against the Australian Dollar (GBP/AUD) and 0.9% against the South African Rand (GBP/ZAR). On the other side of things, a loss of -0.5% has been seen against the Russian Ruble (GBP/RUB) and the Pound has trended narrowly against the Euro (GBP/EUR).
The most notable developments for the UK recently have been the agreement in the House of Commons for the UK Government to not spend more than it receives in taxes each year in order to create a budget surplus instead of a deficit. In addition to this, Prime Minister David Cameron has been forced to make a considerable step forward in the EU Referendum proceedings by sending a ‘list of demands’ to European Council President Donald Tusk. The action came about after countless EU officials expressed frustration over the lack of progress being made in negotiations, which led to them compelling Cameron to take the next step by actually articulating his wishes for the future of the UK’s relationship with Europe.
EUR/GBP Exchange Rate Forecast: UK House Prices to Open Next Week
With the exception of Greece’s low-impact Credit Expansion result due shortly, no further Eurozone economic releases remain today and the only UK data due is the similarly low-key 10-year Treasury Gilt Auction. Therefore, the next pieces of pairing relevant data are due on Monday, beginning with the UK Rightmove House Prices results for October, which have no predictions assigned to them. The first major Eurozone results will follow on the same day with the Eurozone Construction Output figures for August.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7351 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3605 today.