Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast to Advance ahead of German Vote on Greek Bailout Deal
The Pound Sterling to Euro (GBP/EUR) exchange rate strengthened by around 0.20% on Thursday afternoon.
Although there was a complete absence of British economic data on Thursday to provoke changes, the Pound strengthened versus many of its most traded currency rivals. This is despite Wednesday’s British labour market data producing mixed results. The Pound’s appreciation can be linked to wage growth accelerating at the fastest pace in over five years despite not quite hitting median market projections. The Pound is hovering in the region of a 7-year high against the common currency.
The Pound Sterling to Euro (GBP/EUR) exchange rate is currently trending in the region of 1.4312.
The shared currency softened versus its competitors on Thursday despite the fact that Greek Prime Minister Alexis Tsipras managed to persuade his government to accept the terms of the Hellenic nation’s third bailout. The depreciation is the result of the fact that many Syriza MPs voted against the deal, which makes Tsipras’ authority questionable. A cabinet reshuffle is almost certain, but there is also the possibility of a snap election. Protesters showed distain for the deal in Athens with police having to intervene to disperse violent crowds. In addition, the single currency softened as Germany are yet to vote on the deal, and many analysts predict that they will favour a temporary Grexit over a deal which has been proven weak by the International Monetary Fund (IMF).
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending within the range of 1.4279 to 1.4346 during Thursday’s European session.
Pound Sterling to Swiss Franc (GBP/CHF) Exchange Rate Forecast to Gain after Swiss Retail Sales Declined
The Pound Sterling to Swiss Franc (GBP/CHF) exchange rate advanced by around 0.19% on Thursday afternoon.
With a sparse economic docket over the remainder of this week’s trade, the Pound will see movement as a result of fluctuations in the wider currency market. The situation in Greece is likely to have an impact as traders fear the uncertainty will affect British exports. The high value of the Pound compared with the single currency is also likely to weigh on exports to Britain’s largest trading partner.
The Pound Sterling to Swiss Franc (GBP/CHF) exchange rate is currently trending in the region of 1.4917.
Despite increased demand for safe-haven assets amid geopolitical upheaval in Europe, the Swiss Franc softened versus many of its currency rivals (albeit fractionally). The depreciation is the result of disappointing domestic data. May’s Retail Sales declined by -1.8% on the year.
The Pound Sterling to Swiss Franc (GBP/CHF) exchange rate was trending within the range of 1.4874 to 1.4959 during Thursday’s European session.
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