The Pound Sterling to Euro (GBP/EUR) exchange rate has fared poorly today, with the Pound putting on a generally weak performance.
GBP/EUR Exchange Rate News: Transport Limitations Weigh Heavily on Northern Potential
The Pound (GBP) has been a distinctly undesirable prospect so far today, with investors mainly being put off by the ongoing plans to improve transport links between some of North England’s most productive cities.
While the move to unify the ‘Northern Powerhouse’ has been strongly welcomed, talks on the subject have only served to highlight the current disparity between economic potential and relatively antiquated infrastructure. Elsewhere, the Pound has also flagged on the possibility of a Bank of England (BoE) interest rate cut on Thursday.
Pound losses today have included -0.6% against the Euro (GBP/EUR), -0.8% against the US Dollar (GBP/USD) and -1.4% against the Japanese Yen (GBP/JPY).
Euro (EUR) Movement Mixed Today on Inflation and Employment Stats
The Euro (EUR) has made a mix of gains and losses today, with the former status winning out overall. Among these movements have been 0.5% against the Australian Dollar (EUR/AUD), 0.6% against the Pound Sterling (EUR/GBP) and 0.7% against the Canadian Dollar (EUR/CAD).
The most recent Eurozone data to speak of has been the rise from 1.1% to 1.2% for the annual Q4 employment result and a range of partially positive outcomes for the French and Italian inflation rates.
GBP/EUR Exchange Rate Forecast: Key Point for UK Domestic Data Tomorrow Morning
The near-future is set to bring a range of highly impactful economic announcements, both in the morning and the early afternoon.
First off will be the claims, earnings and unemployment rate results for February and January. While claims and unemployment are respectively forecast to remain at 2.2% and 5.1%, expectations are nonetheless for supportive drops in the number of claims made and a rise in the number of employed persons.
While small in size, gains are also expected in average weekly earnings and the variant excluding bonuses.
The biggest UK news due tomorrow, however, will be the 2016 Budget announcement made by Chancellor George Osborne in the House of Commons in the early afternoon. Current forecasts are for the Chancellor to focus on tax modification and further cuts in order to meet 2020 debt targets.
On the Eurozone side of data, tomorrow morning’s Eurozone-wide construction output results for January are expected mid-morning.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2782 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7825 today.