The Pound Sterling to Euro (GBP/EUR) exchange rate has risen today, along with a large number of other solid gains for the Pound (GBP). This has come after the only UK data of the day proved to be more supportive to Sterling than original estimates made out.
GBP/EUR Exchange Rate News: Historic UK Figures Swell Confidence in Sterling
The Pound Sterling (GBP) has advanced by 0.3% against the Euro (GBP/EUR) today and overall has made similarly-sized gains against many of its other rivals. This includes 0.4% against the Swiss Franc (GBP/CHF), although losses of -0.5% against the Norwegian Krone (GBP/NOK) and -0.7% against the Australian Dollar (GBP/AUD) have also been recorded.
The primary supporter of the Pound today has been the release of the UK Markit Manufacturing PMI for September, which fell from 51.6 points to 51.5 instead of 51.3 this morning. The Pound has also been assisted by the news that UK output is 5.9% higher than the level before the financial crisis of 2008, something that has reassured Sterling investors to no end.
Euro in the Pits as Third Unsupportive Data Day in a Row Hits Single Currency Speculators
The Euro (EUR) has had a far less supportive day than the Pound (GBP) thus far, falling against almost all of its rivals and making only minor gains elsewhere. Losses have included -0.2% against the Pound Sterling (EUR/GBP), over -0.4% against the Canadian Dollar (EUR/CAD), the New Zealand Dollar (EUR/NZD) and the South African Rand (EUR/ZAR). The single’s currency’s most notable fall has been by -1% against the Australian Dollar (EUR/AUD). Gains have been most strongly seen in a 0.3% advance against the Swiss Franc (EUR/CHF).
In yet another day of disappointment for the Euro, today’s economic publications have failed to give the shot in the arm required for a common currency rally. The Eurozone Manufacturing PMI for September remained at 52 points while the French result saw an increase from 50.4 to 50.6, but the German and Italian figures both fell below forecasted decline levels.
GBP/EUR Exchange Rate Forecast: ECB’s Draghi Speaks Later Today, QE Mentions Focal Point for Investors
For the most part, today’s major UK and Eurozone data releases are now behind us, although a speech from ECB President Mario Draghi due this afternoon remains part of the notable schedule. As per usual with ECB-related news, investors in the Euro (EUR) will be paying close attention to Draghi’s words for any signs that QE is going to be expanded; if such a statement is made, then the common currency can be expected to plummet against the Pound (GBP).
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3577 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7366 today.