Despite Eurozone inflation data fuelling anxieties regarding deflation, the Pound Sterling to Euro (GBP/EUR) exchange rate dived by around -0.36%. This can be attributed to less-than-ideal British data and improving Greek and Portuguese growth.
The Pound Sterling to Euro exchange rate is currently trending in the region of 1.2573.
Yesterday…
Whilst traders await the German inflation data due for publication on Thursday afternoon, the Pound Sterling to Euro (GBP/EUR) exchange rate edged higher by around 0.15%. Positive German labour data hasn’t been enough to alleviate concerns over the likelihood of quantitative easing. The Pound, meanwhile, is subject to foreign currency movement due to a lack of significant domestic data.
The Pound Sterling to Euro exchange rate is currently trending in the region of 1.2637.
Pound (GBP) Fluctuates on Foreign Currency Changes
With a distinct lack of significant, influential market moving domestic data, the Pound is experiencing movement dictated by foreign currency changes. The solitary UK economic data publication, however, did print positively. Lloyds Business Barometer advanced from 35 to 42 in November.
The Pound Sterling to Euro exchange rate has dropped to a low today of 1.2615.
Euro (EUR) Softens ahead of German CPI
European data has printed relatively positively thus far on Thursday, but the Euro is generally softening against its major peers as traders await the German inflation data. German Unemployment Rate remained unchanged at 6.6% on a seasonally adjusted basis. Unemployment Change, however, eclipsed the market consensus of 1,000 fewer unemployed, with the actual data showing 14,000 fewer unemployed.
‘The Germany unemployment number is a positive sign,’ Raimund Saxinger, who helps oversee $22 billion as a fund manager at Frankfurt-Trust Investment GmbH, said by phone. ‘We have already seen a positive Ifo number, and maybe a fall in the jobless rate is another confirmation of this turnaround and that the economy is doing better than feared.’
Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast to Strengthen
With anxieties regarding quantitative easing dominating single currency investment, the German Consumer Price Index data would have to show significant improvement to see a common currency uptrend.
The Pound Sterling to Euro exchange rate has climbed to a high today of 1.2644.
Euro (EUR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Euro,
,US Dollar,1.2486,
Euro,,Canadian Dollar,1.4049,
Euro,,Pound,0.7929,
Euro,,Australian Dollar,1.4567,
US Dollar,,Euro,0.8007,
Canadian Dollar,,Euro,0.7116,
Pound Sterling,,Euro,1.2625,
Australian Dollar,,Euro,0.6864,
[/table]
