The Pound Sterling (GBP) has had a mixed performance today against the major currencies, seeing an overall decline compared to yesterday’s gains.
UK Growth and Consumer Confidence Reports Balance Pound Sterling’s (GBP) Performance against Competitors
The Pound Sterling to Euro (GBP/EUR) exchange rate has declined today, seeing a -0.2% fall against the common currency. The Pound also dipped by the same amount against the US Dollar (GBP/USD), and saw a greater loss of -0.6% against the Swiss Franc (GBP/CHF). This news comes after the Confederation of British Industry (CBI) reported a growth in the UK economy over the past three months, but at the same time, the UK GFK Consumer Confidence Survey for July saw a -3 point drop from 7 down to 4, a worse result than the forecast monthly figure of 5 points.
The Euro to Pound Sterling (EUR/GBP) exchange rate saw a gain of 0.2% today, and elsewhere, the common currency soared over the New Zealand Dollar (EUR/NZD), seeing a rise of 0.9%. As with the Pound, however, the Euro fell against the Swiss Franc (EUR/CHF), dropping by -0.4%.
Earlier…
The Pound Sterling (GBP) has continued to hold onto its gains from yesterday, while the Euro has levelled out prior to German data releases and is putting on a mixed performance against rivals.
German Data may Raise Euro to Pound Sterling (EUR/GBP) Exchange Rate, Future Uncertain for Common Currency
The Pound Sterling (GBP) has seen healthy gains today of over 0.3% against the Euro (EUR), and larger increases of more than 0.6% against the New Zealand Dollar and the South African Rand. This continues yesterday’s uptrend which followed positive speculation over free trade rules being applied to UK/EU trade after Chancellor George Osborne’s meeting with French Economy Minister Emmanuel Macron.
The Euro has seen losses of -0.3% against the US Dollar (EUR/USD) following encouraging words from the Federal Open Market Committee (FOMC) over the performance of the ‘Greenback’ and the US economy. The Euro is trending in a narrow margin against the Australian Dollar (EUR/AUD) and the Canadian Dollar (EUR/CAD), but the forecast drop in the German Unemployment figure for July is likely to push the Euro back up against the commodity currencies.
Earlier…
The Pound Sterling to Euro (GBP/EUR) exchange rate has risen considerably today after positive UK data releases and optimistic signs for the UK’s economic relationship with Europe.
Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Osborne’s Talk of ‘Free Trade’ Strengthens GBP/EUR Pairing
The Pound Sterling has risen against all major currencies today in response to news of the meeting between Chancellor George Osborne and French Economy Minister Emmanuel Macron over the UK’s relationship with Europe. The Pound Sterling rose by over 0.6% against the Canadian Dollar (GBP/CAD) and the Euro (GBP/EUR), and by more than 0.8% against the Australian Dollar (GBP/AUD) and the New Zealand Dollar (GBP/NZD).
This comes after the UK Net Consumer Credit and Mortgage Approval figures for June showed increases greater than over the predicted growth, and after Osborne’s meeting triggered highly optimistic speculation over the future value of the Pound when it comes to trading. Speaking about the UK/Europe relationship, Osborne emphasised the importance of fixing the ‘economic aspects of our relationship if we are going to convince people and convince ourselves that it is right for Britain to remain in the EU’.
Euro to Pound Sterling (EUR/GBP) Exchange Rate falls, New Greece Deal Could Bring Years of Austerity
The Euro (EUR), by contrast to the Pound Sterling (GBP), has fallen against the major currencies, posting a loss of over -0.3% against the US Dollar (EUR/USD) and the South African Rand (EUR/ZAR). Worse losses were recorded against the Pound Sterling (EUR/GBP), where the common currency fell by -0.7%.
This comes at a time when after months of negotiations, demands and voting, the Greek Government and its creditors have agreed to the possibility of a new €86bn bailout. The news is mixed for the future of Greece; if granted, the funds will allow the beleaguered country to pay some of the numerous debts that it is currently obliged to meet, but at the same time, that bailout amount would be stacked on top of the total debts that Greece is required to pay.
One of Greece’s (many) creditors, the International Monetary Fund (IMF), darkly summarised what accepting the bailout would mean, by predicting that Greece’s total debt would equate to a staggering 200% of the country’s GDP and would require harsh austerity measures to be enacted for decades.
Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast: German Unemployment Data may Reverse Euro’s Fortunes
The Euro (EUR) has seesawed between opposite ends of the scale this week due to the Greek situation, but tomorrow’s data releases may introduce some much-needed stability to the common currency. Germany is the strongest Eurozone member, and their optimistically forecast Unemployment Change figure may restore confidence in the EUR/GBP pairing. However, the European Central Bank (ECB) is also due to publish their Economic Bulletin tomorrow, and if this report predicts any more repercussions from the ongoing events in Greece, the Euro may continue the downtrend that it has experienced today.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.4207 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7040 today.
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