The Euro to Pound Sterling (EUR/GBP) exchange rate has risen somewhat today as the UK’s only economic results of the day failed to inspire major confidence.
EUR/GBP Exchange Rate News: Last Key Weekly Eurozone Results fall Flat, Steady Euro Performance Overall
The Euro to Pound Sterling (EUR/GBP) exchange rate has risen by 0.2% today, and the common currency (EUR) has made respectable gains elsewhere. The Euro has seen advances of 0.2% against the South African Rand (EUR/ZAR), 0.4% against the Canadian Dollar (EUR/CAD) and 0.5% against the Australian Dollar (EUR/AUD) and the New Zealand Dollar (EUR/NZD).
Although the biggest Eurozone news of the day, the German CPIs for August, saw no alteration to previous monthly and annual inflation rate estimates, elsewhere Eurozone news has offered some small positives for the single currency. Particularly, the Italian monthly and yearly Industrial Production figures both showed positive movement.
Pound Sterling has mostly Strong Day despite Declines in UK Construction
The Pound Sterling (GBP) has also had its only relevant data releases of the day – the UK monthly and yearly Construction Output figures for July and the Bank of England (BoE) inflation rate estimate for the next 12 months. The construction results were decidedly negative for Sterling, showing a monthly decline of -1% and a yearly -0.7% fall. With regards to the latter field, the BoE placed its expectation at an uncontroversial 2% compared to 2.2% last time.
The Pound has trended narrowly against the Euro (GBP/EUR) today but has posted gains of 0.4% against the Australian Dollar (GBP/AUD), 0.5% against the Norwegian Krone (GBP/NOK), 0.6% against the Russian Ruble (GBP/RUB) and 0.7% against the Turkish Lira (GBP/TRY). On the other side of the equation, the Pound has dropped by -0.44% against the Israeli New Shekel (GBP/ILS) and by -0.6% against the Swedish Krona (GBP/SEK).
EUR/GBP Exchange Rate Forecast: Scarcity of Data means Current Trends set to Continue into Weekend
While the Pound Sterling (GBP) has no further UK economic releases to look forward to today, the Euro (EUR) only remains to be affected by the Latvian Current Account figure for July. Given the low status assigned to the announcement, the more important news will take place on Saturday with the Eurogroup meeting. The group is expected to discuss the Greek situation most pressingly, although given that no real action can be taken until the elections are concluded next Sunday, it remains to be seen what tone the discussion will take regarding the turbulent Hellenic nation.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7308 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3687 today.