Last week the Pound was boosted by the release of positive minutes from the Bank of England’s latest policy meeting, and the EUR/GBP pairing consequently tumbled from highs of 0.8700 pence per Euro.
The Euro to Pound Sterling Exchange Rate is currently trading in the region of 0.8604 as of 11:30 GMT
Political concerns in Greece and Portugal also put the Euro under pressure, as did hints that the European Central Bank may need to reassess its quantitative easing programme.
Although news from Portugal has helped the Euro consolidate gains against a broadly softening US Dollar this morning, the common currency was little changed against the Pound as the European session progressed.
The Euro to Pound (EUR/GBP) exchange rate hit a low of 0.8565 pence per Euro
After Portuguese President Anibal Cavaco Silva asserted that early elections were not on the cards, and that the existing government has the support needed to remain in place until the end of its term in 2015, Portuguese bonds rose and the Euro climbed.
According to Cavaco Silva, ‘The government has the support of an unequivocal majority in parliament.’
However, with global economic data releases a little thin on the ground today, movement in the Euro is likely to be limited – although US existing home sales figures could trigger EUR/USD fluctuations.
Tomorrow’s Eurozone consumer confidence gauge, which economists are expecting to have risen from -18.8 to -18.3, will be of interest, but movement in the EUR/GBP pairing is most likely to result from Thursday’s UK GDP data.
Current Euro (EUR) Exchange Rates
< Lower > Higher – Little Changed
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3184 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8604 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4316 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6616 <
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7586 <
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1627 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6985 >
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6020 >
(Correct as of 11:30 GMT)
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