The Euro to Pound Sterling (EUR/GBP) exchange rate is currently trending within a tight range. This can be attributed to a complete absence of economic data pertaining to both the UK and the Eurozone. A very sparse economic calendar and quiet trading will see minimal volatility this Christmas Eve.
The Euro to Pound Sterling exchange rate is currently trending in the region of 0.7850.
Euro (EUR) Exchange Rate Holding Steady on Quiet Trading
With a complete absence of domestic data to drive changes, the shared currency is holding relatively steady against most of its major peers. A slight appreciation could be as a result of the French data yesterday which showed growth had matched the median market forecast.
The Euro to Pound Sterling exchange rate has fallen to a low today of 0.7836.
Pound Sterling (GBP) Exchange Rate Slow Moving on Lack of Data
Much like its European counterpart, the Pound is holding steady against the majority of its most traded currency rivals. A distinct lack of data to drive changes will see the Pound mostly static on Christmas Eve.
The Pound Sterling to Euro exchange rate advanced to a high today of 0.7854.
Yesterday…
The Euro to Pound Sterling (EUR/GBP) exchange rate is trending within a tight range on Tuesday. This is likely to be attributed to quiet trading because French data printed more positively than that of British data. French growth met with expectations, but British growth slowed far more-than-expected.
The Euro to Pound Sterling exchange rate is currently trending in the region of 0.7846.
Euro Exchange Rate Gains on French Data
Although the quiet markets during the Christmas period have generally seen data have a minimal impact, the Euro edged higher against its most traded competitors after a French report printed positively. On a quarterly basis, French Gross Domestic Product saw a third-quarter increase of 0.3%, in line with forecast figures. Similarly, yearly GDP saw third-quarter growth of 0.4% which met with the median market predictions.
The Euro to Pound Sterling exchange rate has fallen to a low today of 0.7836.
Pound Sterling Exchange Rate Declines on British Growth
After British data produced mixed results, which erred towards the negative, the Pound softened against nearly all of its major peers. Economists forecast that the final figure for annual third-quarter British GDP would match the previous estimate of 3.0% growth, but the actual result only managed an increase of 2.6%. ‘GDP is just kind of an early marker for the problems the Pound may face next year, although the market is very thin before Christmas,’ Reported Jemima Kelly, writer for Reuters.
Current Account data also produced a disappointing result, having declined to -27.0 billion, well below the forecast increase from -24.3 billion to -23.2 billion. ‘We should worry about the current account and we are moving back towards a situation where old fashioned fundamentals have more of an impact, but I suspect it was the GDP numbers that had a bigger impact on the market,’ said Simon Derrick, head of currency research at Bank of New York Mellon in London.
Euro to Pound Sterling (EUR/GBP) Exchange Rate Forecast to Strengthen
With an absence of domestic data to drive changes, the Euro to Pound Sterling exchange rate is likely to continue trending higher on Tuesday.
The Euro to Pound Sterling exchange rate advanced to a high today of 0.7868.
