The Pound Sterling to Euro (GBP/EUR) exchange rate has trended in a tight range so far this morning, with the Pound (GBP) faring poorly elsewhere today. On the whole, the Euro’s (EUR) movement has been more positive by comparison.
GBP/EUR Exchange Rate News: High-Profile Resignations Lower Confidence in UK’s Future
The Pound (GBP) has been far from a safe bet this morning, with losses being recorded against the Euro (GBP/EUR), -0.6% against the US Dollar and -0.9% against the Hungarian Forint (GBP/HUF), the Japanese Yen (GBP/JPY) and the Russian Ruble (GBP/RUB). Gains have consisted of 0.3% against the New Zealand Dollar (GBP/NZD) and 0.4% against the Singapore Dollar (GBP/SGD).
With no UK data out today, Pound investors have instead been forced to refer to the news of two notable resignations, neither of which has inspired confidence in the stability of the national economy.
The first of these has been the British Chambers of Commerce Director John Longworth, who resigned from the organisation after voicing his support for the ‘Out’ ‘Brexit’ campaign on Thursday; the BCC is supposed to be neutral to politics.
The other has been EDF Finance Director Thomas Piquemal, who has resigned from the company due to the concern that development at Hinkley Point nuclear power plant is unsustainable and could ruin EDF.
Euro (EUR) Mixed Today after Factory Orders Stats
The appeal of the Euro (EUR) has fluctuated across the board today, as while Germany’s monthly factory orders in January fell from -0.2% to -0.1%, they also rose from -2.2% to 1.1% on the year.
Euro movements of note have included advances of 0.4% against the Polish Zloty (EUR/PLN) and 0.5% against the New Zealand Dollar (EUR/NZD), as well as losses of -0.6% against the South African Rand (EUR/ZAR) and -0.7% against the Japanese Yen (EUR/JPY).
GBP/EUR Exchange Rate Forecast: Eurozone Confidence Score, Carney Speech in Focus
The next movement likely to take place for the GBP/EUR pairing is set to be generated by the Eurozone’s Sentix score of investor confidence for March. Current expectations are for a rise from 6 points to 8.3.
A short time later, Bank of England (BoE) Governor Mark Carney is set to speak in the Houses of Parliament on the ‘Brexit’ situation, an event which has the potential to send the Pound (GBP) diving or soaring, depending on Carney’s analysis of the UK’s chances inside and outside of the EU.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2926 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7738 today.