The Pound Sterling to Euro (GBP/EUR) and Pound Sterling to US Dollar (GBP/USD) exchange rates are both trending in tight ranges today ahead of a pair of impactful speeches scheduled to be delivered by Bank of England (BoE) policymakers.
GBP/EUR, GBP/USD Exchange Rate News: UK Referendum Forecasts Return to Blight Sterling’s Appeal Today
After a day of respite from fresh ‘Brexit’ concerns, the Pound (GBP) has once again been negatively affected today by information and opinions relating to the fast-approaching UK Referendum.
The most recent development has come from Foreign Secretary Philip Hammond, who has predicted that if the UK left the EU it would be a ‘messy’ event. According to a yet-to-be-released document, in-depth analysis has simulated all of the possible outcomes of the UK leaving the EU and concluded that remaining in the EU is the best option for the nation’s future.
This view has been countered by Pensions Secretary Iain Duncan Smith, however, who has denounced the government-backed research as a ‘dodgy dossier’.
The Pound has made a minor loss against the Euro (GBP/EUR) today and fallen by -0.2% against the US Dollar (GBP/USD); elsewhere, the Pound has fallen by -0.7% against the Australian Dollar (GBP/AUD) but risen by 0.7% against the Russian Ruble (GBP/RUB).
Euro (EUR) Makes Middling Movement while US Dollar (USD) Rises on ‘Super Tuesday’ Results
The appeal of the Euro (EUR) has fallen this morning, mainly on account of Spain printing a rise of 2.23k unemployed persons in February, instead of the predicted -2.5k reduction. Additionally, the prospect of further European Central Bank (ECB) intervention has also lowered investor confidence.
The Euro has made a small loss against the US Dollar (EUR/USD) today and a greater -0.6% decline against the Australian Dollar (EUR/AUD), but additionally risen by 0.3% against the Japanese Yen (EUR/JPY) and the New Zealand Dollar (EUR/NZD).
The US Dollar (USD) has been making surprisingly positive movement today, despite the outcome of the ‘Super Tuesday’ votes that took place yesterday. Although he didn’t manage to secure every state on offer, radical Republican frontrunner Donald Trump nonetheless came out on top at the end.
In spite of this news potentially sending the value of the ‘Buck’ spiralling down, its current positive movement may be an indicator that hopes are high for Democrat contender Hilary Clinton clinching the ultimate seat of the presidency.
The US Dollar has fallen by -0.6% against the Australian Dollar (USD/AUD) today but otherwise advanced by 0.2% against the Pound Sterling (USD/GBP) and by 0.7% against the South African Rand (USD/ZAR).
GBP, EUR, USD Exchange Rate Forecast: BoE Speeches, US Oil Inventories Incoming
The near-future will bring input from the UK in the form of speeches from Bank of England (BoE) policymakers Ben Broadbent and Jon Cunliffe, with the latter set to speak during the afternoon.
Looking further ahead today, the US will have a contribution in the form of its crude oil inventories result for February.
Current GBP, EUR, USD Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2834, the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7792, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.3937, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.7176, the Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0861 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9211 today.