The Pound Sterling (GBP) is trending narrowly against the Euro (GBP/EUR) today, after UK Trade Balance data for July improved on expectations.
Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Mixed Performance for Pound Indicates ongoing Uncertainty
The Pound Sterling (GBP) has trended in a narrow range against the Euro (GBP/EUR) today and seen a mixed performance elsewhere. The Pound gained by 0.3% against the Turkish Lira (GBP/TRY) and the Swiss Franc (GBP/CHF) but fell by -0.5% against the Australian Dollar (GBP/AUD) and saw a greater loss of -0.6% against the Russian Ruble (GBP/RUB).
This came after the UK June Visible Trade Balance figure was recorded at -£9.1bn, rather than the -£9.3bn that had been forecast. Although obviously showing an increased deficit, the shortfall on the expected dive has lessened the losses experienced by the Pound today.
Euro to Pound Sterling (EUR/GBP) Exchange Rate Shows Continued Doubts over Greek Bailout Viability
The Euro has also had a mixed performance today, trending narrowly against most rival currencies. The single currency has also had a balanced data release this morning; the German monthly Industrial Production figure for June saw a dip in the industry to -1.4%, but at the same time, the German Trade Balance showed a positive growth from €19.5bn to €24bn.
The Euro trended in a narrow range against the Pound Sterling today, but saw a 0.2% gain against the Swiss Franc (EUR/CHF). However, the common currency has also fallen by -0.3% against the New Zealand Dollar and seen a greater loss of -0.5% against the Australian Dollar.
Pound Sterling to Euro Exchange Rate Forecast: Greek Developments likely to be Deciding Factor on GBP/EUR and EUR/GBP Pairings
Neither currency has notable data releases due until next Wednesday; these are the UK Claimant Count Change figure for July and the June Unemployment Rate. For the Eurozone, the yearly and monthly Industrial Production figures will affect its performance.
Both of the UK results have been optimistically forecast to decrease, but the Eurozone data has contrastingly been predicted to show a decline slight in both results. Before these releases, however, the seesawing fortunes of Greece are still likely to have a major impact on the Euro’s (EUR) overall performance next week.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.4204 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7042 today.
