The Pound Sterling Exchange Rate was in the region of 1.1736 against the Euro as of 10:40 am
For the first time in four days the Pound lost ground against its European rival.
Sterling had been steadily gaining on the Euro ever since European Central Bank President Mario Draghi commented that the strength of the common currency could have a derogatory affect on Eurozone inflation and growth, an unexpected speech which triggered widespread Euro declines.
The Pound was also pushed higher by the attitude of future Governor of the Bank of England Mark Carney regarding the need for additional stimulus/fiscal policy overhaul for the UK.
However, this morning the Pound’s run of gains were brought to an end and the British currency fell by 0.7 per cent against the Euro.
Sterling’s declines were triggered by two reports for the UK.
One report, compiled by recruitment consultant Morgan McKinley, showed a 76 per cent increase in job vacancies at London-based financial services companies. Vacancies leaped from 1,323 in December to 2,331 in January.
Meanwhile a monthly index of job security gave the highest reading for four months after climbing 6 points to minus 16.
However, Lloyds Banking Group Plc’s emailed report also revealed that a gauge of employment prospects fell from minus 42 in December to minus 45 in January.
Following the news the Pound shed 0.5 per cent against the safe-haven US Dollar.
In the week ahead the most volatile pieces of UK news to look out for include house price balance and CPI figures, retail sales and producer price data and the Bank of England’s Inflation report.
Movement in the Pound can also be expected to occur in response to Friday’s 4Q GDP figures for the Eurozone as well as developments within the currency bloc and the US.
Current GBP Exchange Rates
The Pound Sterling to Euro exchange rate is currently trading at 1.1736
The Pound Sterling to US Dollar exchange rate is currently trading at 1.5715
The Pound Sterling to Australian Dollar exchange rate is currently trading at 1.5307
The Pound Sterling to New Zealand Dollar exchange rate is currently trading at 1.8891
The Pound Sterling to Canadian Dollar exchange rate is currently trading at 1.5824
The Pound Sterling to Emirati Dirham exchange rate is currently trading at 5.7715
The Pound Sterling to Swiss Franc is currently trading at 1.4412
The Pound Sterling to Japanese Yen exchange rate is currently trading at 146.5900
Comments are closed.