Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast to Soften after Greece Submits Reform Proposal
The Pound Sterling to Euro (GBP/EUR) exchange rate declined by around -0.24% on Friday afternoon.
The British asset advanced versus many of its currency rivals on Friday despite mixed economic data. Whilst Construction Output declined on both an annual and monthly basis in May, Trade Balance saw the deficit narrow beyond expectations. May’s Total Trade Balance was forecast to decline from -1834 billion to -2150 million, but the actual result showed May’s trade deficit narrowed to just -393 billion. The Pound is likely to hold gains over the weekend given that the recent depreciation was considered unjustified.
The Pound Sterling to Euro (GBP/EUR) exchange rate is currently trending in the region of 1.3854.
The shared currency, meanwhile, advanced versus its major rivals after Greece managed to submit a fresh proposal for reforms slightly ahead of the deadline. The gains could be potentially short-lived, however, as Greek Prime Minister Alexis Tsipras has to persuade his own party members to agree to reforms which exceed the austerity measures already rejected by 61% of the Greek population.
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending within the range of 1.3840 to 1.3913 during Friday’s European session.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Rally after Indian Data Disappoints
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate advanced by around 1.00% on Friday afternoon.
In addition to relatively positive data and unjustified depreciation, the Pound strengthened versus its peers in response to the International Monetary Fund (IMF) reducing global growth forecasts. The Pound’s initial depreciation was the result of George Osborne cutting the forecast for British growth in 2015. However, after the IMF cut global growth forecasts the UK’s slowing pace of growth is not seen as unique.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is currently trending in the region of 98.2900.
Despite crude oil prices holding a weak position and expectations of continued bearishness, the Rupee declined versus its currency competitors. The depreciation can be attributed to poor results from domestic data. Foreign Reserves, Deposit Growth, Bank Loan Growth, Industrial Production and Manufacturing Production all failed to meet with respective median market forecasts.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending within the range of 97.3270 to 98.5480 during Friday’s European session.
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