The Pound Sterling to Euro (GBP/EUR) and US Dollar (GBP/USD) exchange rates have respectively fallen and risen today, owing to yesterday’s temporary boost provided by the UK Retail Sales figures fading away.
GBP/EUR, GBP/USD Exchange Rate News: Separate Law-making Vote accompanies Chinese President’s Last Day in UK
The Pound Sterling (GBP) has fallen by -0.2% against the Euro (GBP/EUR) but risen by 0.2% against the US Dollar (GBP/USD) today as investors engaged in profit taking following yesterday’s ECB inspired shifts. Other notable declines for the Pound have included -0.4% against the Hungarian Forint (GBP/HUF), -0.7% against the Australian Dollar (GB/AUD) and -0.8% against the Russian Ruble (GBP/RUB). Rises have been made up of 0.2% against the Qatari Rial (GBP/QAR) and the Omani Rial (GBP/ONR) and 0.3% against the Israeli New Shekel (GBP/ILS).
With no direct data to rely on, Sterling investors instead have to hope for further deals made during Chinese President Xi Jinping’s last day of his state visit to the UK. Elsewhere in UK news, the devolution of powers has taken one step closer to reality by having an ‘English Votes for English Laws’ measure pass through the House of Commons by 312 to 270 votes.
Supportive PMIs Defy Expectations to Push GBP/EUR Exchange Rate Up, US Dollar in the Dumps after Yesterday’s Data
The Euro (EUR) has partially benefitted from its range of Eurozone PMIs for October exceeding forecast for the most part, with the German Manufacturing PMI being the one exception.
However, the news did not provide a decisive uptrend, as while the Euro rose by 0.3% against the US Dollar (EUR/USD) and the Swiss Franc (EUR/CHF) and saw minor gains against the Pound Sterling (EUR/GBP), the common currency also fell by -0.4% against the New Zealand Dollar (EUR/NZD) and -0.6% against the Australian Dollar (EUR/AUD).
The US Dollar (USD) has trended poorly so far today, falling fractionally against the Pound Sterling (USD/GBP), dropping by -0.2% against the Euro (USD/EUR) and seeing declines of over -0.7% against the New Zealand Dollar (USD/NZD) and the Australian Dollar (USD/AUD).
The ‘Buck’ has mainly been reeling from yesterday’s negative results, which shortfalls and negative printings in equal measure.
GBP/EUR, GBP/USD Exchange Rate Forecast: Pair of US Results to Mark Last Trinity Movement Today
With no UK results left to come and the last major Eurozone publications of the week already released, only two US announcements have the potential to trigger further shifting in the trinity, although as mentioned above the Pound (GBP) may still be bolstered by any further Chinese agreements made by Jinping.
The US results are October’s Markit Manufacturing PMI (which has been forecast for a minor decline) and the Baker Hughes Rig Count.
Current GBP, EUR, USD Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3848, the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7223, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.5404, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6492, the Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1123 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8992 today.
