Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Carney Speech Ahead
Concerns relating to the European Central Bank’s (ECB) QE programme and the prospect of Greece failing to present suitable reforms to its creditors before running out of cash on April 8th helped the Pound recover losses against the Euro on Friday.
The GBP/EUR pairing was little changed after data published by Halifax showed that UK house-price growth slowed to an 18-month low in March.
Bank of England (BoE) Governor Mark Carney is due to speak later today. If the central bank chief insinuates that a rate cut may be on the cards, the Pound could come under pressure.
However, more hawkish commentary would be Sterling supportive and could see the GBP/EUR exchange rate end the week on a high.
The Pound Sterling to Euro (GBP/EUR) exchange rate is currently trading in the region of 1.3717
Earlier…
Pound Sterling to US Dollar (GBP/USD) Exchange Rate News: US Services PMI Accelerates
After trading above 1.49 for much of the day, the Pound Sterling to US Dollar (GBP/USD) exchange rate fell back to a low of 1.4805 following the publication of better-than-expected US data.
The US Dollar broadly strengthened as Markit’s measure of the services sector showed the most notable upswing in business activity for six months, with the Purchasing Managers Index rallying from 57.1 to 58.6 in March.
Markit economist Chris Williamson said of the result; ‘The US economy is showing signs of regaining momentum after the slowdown seen at the turn of the year. The flash PMI surveys are registering faster growth of both service sector and factory activity at the end of the first quarter, as well as ongoing strong hiring.’
Separate US figures showed that less people than forecast applied for first time unemployment benefits in the week ending March 21st.
The Pound lost 0.3% against the US Dollar after the reports were published, leaving the GBP/USD pairing trending in the region of 1.4834.
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Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Sales Surge, Sterling Supported
The Pound Sterling to Euro (GBP/EUR) exchange rate trimmed its earlier decline and the Pound Sterling to US Dollar (GBP/USD) exchange rate climbed higher still after the UK’s retail sales report surpassed expectations.
Retail sales were shown to have climbed by 0.7% on the month in February, wiping out the previous month’s decline and exceeding forecasts for a sales gain of 0.4%.
Sales were up 5.7% on the year.
According to Bloomberg; ‘Consumer spending is being underpinned by the return of wage growth for the first time since the financial crisis after a plunge in oil prices. Inflation fell to zero in February. The prices of shop goods as measured by the deflator fell 3.6 percent from a year earlier, the biggest drop since records began in 1996.’
The Pound Sterling to Euro (GBP/EUR) exchange rate is trading in the region of 1.3562
The Pound Sterling to US Dollar (GBP/USD) exchange rate is trading in the region of 1.4972
Earlier…
The Pound Sterling to Euro (GBP/EUR) exchange rate could recoup losses, and the Pound Sterling to US Dollar (GBP/USD) exchange rate may extend yesterday’s gains, if today’s UK retail sales report impresses.
Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Pound Loses 7 Cents in 2 Weeks
The Pound Sterling to Euro (GBP/EUR) exchange rate extended recent losses on Wednesday, falling by another half a cent, in response to improved German business sentiment and more rate-cut comments from Bank of England (BoE) officials.
The GBP/EUR currency pair has dropped 7 cents over the last two weeks as the threat of a ‘Grexit’ eased, economic reports from the Eurozone impressed and the rate of inflation in the UK fell to a record low 0%.
The Pound Sterling to Euro (GBP/EUR) exchange rate hit a low of 1.3539
Demand for the British asset took another knock on Wednesday as BoE policymaker Kirstin Forbes intimated that the central bank may have to slash interest rates in the short term.
She reiterated comments issued by BoE chief economist Andy Haldane when she stated that borrowing costs could be cut from the current record low of 0.5% if inflation turns negative.
However, she also added; ‘The current period of low inflation is most likely to be temporary, and will not therefore generate the negative consequences of persistently low inflation which would merit concern.’
The Pound Sterling to Euro (GBP/EUR) exchange rate lost 0.2% on the day’s opening levels on Thursday after French fourth quarter growth data printed in line with forecasts.
Pound Sterling to US Dollar (GBP/USD) Exchange Rate News: Sterling Slightly Stronger as Durable Goods Orders Flop
Although the GBP/EUR downtrend continued on Wednesday, the Pound Sterling to US Dollar (GBP/USD) exchange rate staged a modest rally after US Durable Goods Orders figures reduced demand for the ‘Greenback’.
Economists had forecast a 0.2% month-on-month gain in durable goods orders but they actually fell by -1.4% in February.
The Pound Sterling to US Dollar (GBP/USD) exchange rate hit a low of 1.4869
The news pushed the US Dollar lower against a number of its rivals over the course of the North American session.
If today’s run of US reports (including initial jobless/continuing claims figures and Markit’s Services/Composite PMI) impress, the Pound could return to trending below 1.49 against its US peer.
Pound Sterling to Euro (GBP/EUR) and Pound Sterling to US Dollar (GBP/USD) Exchange Rates Forecast to Fluctuate on Sales Data
In the hours ahead both the Pound Sterling to Euro (GBP/EUR) and Pound Sterling to US Dollar (GBP/USD) exchange rates could experience movement as a result of the UK’s latest retail sales report.
Sales are believed to have climbed by 0.4% in February, month-on-month, following the slide of -0.7% recorded in January.
An at-or-above forecast figure would be Pound-supportive.
Investors with an interest in the GBP/EUR pairing will also be focusing on a speech to be given by the European Central Bank’s Mario Draghi later today.
The Euro to Pound Sterling (EUR/GBP) exchange rate was trading in the region of 0.7377 the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.4950, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trading in the region of 0.6687, the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3554