The Pound Sterling to Euro (GBP/EUR) exchange rate strengthened by around 0.16% on Wednesday. This is thanks to comments made by the European Central Bank’s Chief Economist Peter Praet, who warned that falling oil prices increases the chances of quantitative easing.
The Pound Sterling to Euro exchange rate is currently trending in the region of 1.2818.
Yesterday…
The Pound Sterling to Euro (GBP/EUR) exchange rate is trending within a tight range on Tuesday as a result of quiet trading. Both the Pound and the Euro have been little affected by domestic data results whilst traders relax as the year draws to a close.
The Pound Sterling to Euro exchange rate is currently trending in the region of 1.2768.
Pound Sterling (GBP) Exchange Rate Holding Steady on Domestic Data
After British economic data met with expectations, the Pound is holding steady against the majority of its most traded currency rivals. Monthly Nationwide House Prices met with the median market forecast of a drop from 0.3% to 0.2%. On a yearly basis, Nationwide House Prices equalled the market consensus of a decline from 8.5% to 7.2%.
‘The pace of annual house price growth continued to soften as 2014 drew to a close,’ said Nationwide’s chief economist, Robert Gardner. ‘If the economic backdrop continues to improve as we and most forecasters expect, activity in the housing market is likely to regain momentum in the months ahead,’ he added.
The Pound Sterling to Euro exchange rate has fallen to a low today of 1.2744.
Euro (EUR) Exchange Rate Static despite Positive Data
Although European data printed positively on Tuesday, the shared currency has been little affected. This could be as a result of quiet trading, but also thanks to the unknown regarding the impact of the Greek snap general election on the Euro.
Eurozone M3 saw a seasonally adjusted yearly increase of 3.1%, eclipsing expectations of a rise from 2.5% to 2.6%. The three-monthly Eurozone M3 increased beyond the market consensus of a rise from 2.3% to 2.5%, with the actual result reaching 2.7%.
Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast to Hold Steady
With nothing by way of domestic data to provoke changes, the Pound Sterling to Euro exchange rate is likely to hold steady for the remainder of Tuesday.
The Pound Sterling to Euro exchange rate advanced to a high today of 1.2790.
