The Pound Sterling to Euro (GBP/EUR) exchange rate is currently trending in a tight range after previously recouping losses amid low volatility ‘Brexit’ news and profit taking.
GBP/EUR Exchange Rate News: ‘Brexit’ Argument Reignites Today as Business Leaders Barge In
The Pound (GBP) has lost out against a majority of its competitors today, with minor losses being recorded against the Euro (GBP/EUR) and US Dollar (GBP/USD), in addition to greater declines of -0.4% against the Australian Dollar (GBP/AUD) and -0.5% against the Singapore Dollar (GBP/SGD) also being seen. On the positive side, the Pound has risen by 0.5% against the Russian Ruble (GBP/RUB) and 0.6% against the South African Rand (GBP/ZAR).
With little coming out to support the Pound so far today, the UK currency has been devalued by scant domestic data and more UK Referendum news of an inflammatory nature. On the home front, Nationwide house prices reprinted at 0.3% on the month in February but rose from 4.4% to 4.8% on the year.
Further afield, the PM’s previous assertion that the UK would be vulnerable to migrant camps springing up has been echoed by French Finance Minister Emmanuel Macron. Businesses have also been having their say on the current hot topic; 200 small business owners and entrepreneurs have signed a letter in favour of a ‘Brexit’, while employees of BMW have been sent letters from their employer stressing that they will have greater job security within the EU.
Euro (EUR) Makes Indecisive Movement Today Amid ECB Stimulus Concerns
The Euro (EUR) has been similarly unappealing overall today, with the blame being squarely placed on the week’s earlier Eurozone inflation data and this morning’s PMI results for February. Overall, relative to previous figures, the Eurozone-wide composite and services PMIs have both fallen, though not to the levels predicted by some economists.
The news has caused the single currency to fluctuate; gains have been made of 0.4% against the Japanese Yen (EUR/JPY) and 0.6% against the South African Rand (EUR/ZAR), while losses have been seen on -0.3% against the Australian Dollar (EUR/AUD) and -0.4% against the New Zealand Dollar (EUR/NZD).
GBP/EUR Exchange Rate Forecast: UK PMIs and Eurozone Sales Stats due Imminently
The near-future will bring UK input in the form of the pessimistically predicted February composite and services PMIs, while a short time afterwards, the Eurozone retail sales results for January will be announced.
On both the month and the year, losses have been predicted for sales within the currency bloc.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2936 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7732 today.