Euro Exchange Rate News

Euro (EUR) makes Strong Advance against Pound (GBP) and US Dollar (USD) Today

Single Currency Appreciates Heavily after Earlier Mixed Ecostats

The single currency (EUR) has been an improving prospect today, having made sizable gains against both the Pound (GBP) and the US Dollar (USD). This has come despite generally dovish forecasts coming out for the Eurozone recently.

The Pound (GBP) has lost some of its shine, potentially due to forecasts from the European Commission (EC) that the UK Referendum will limit UK and Eurozone economic movement as the Referendum vote day approaches.

The US Dollar (USD) has managed to recoup its losses, despite still not benefitting from economic announcements.

Earlier…

The Euro (EUR) has been an uncertain prospect recently; yesterday saw steady gains against competitors but today has seen a more mixed performance overall.

The Pound (GBP) has appreciated overall, despite a growing number of economic headwinds.

The US Dollar (USD) has been mainly soft, having failed to recover against its peers since yesterday’s economic announcements.

Eurozone News: Prior PMI Stats Proved a Mixed Blessing for Euro Investors

The most notable event to affect the value of the Euro this week came yesterday, at the announcement of the finalised Eurozone manufacturing PMIs for April.

While forecasts had been mixed overall, a general rise was recorded across the board.

However, the gains seen were not entirely cause for cheer, as Markit’s Chief Economist Chris Williamson stated:

‘The PMI has now edged higher for two successive months, but has improved only marginally from what was a worryingly low base earlier in the year.’

Euro movements of note have included 0.6% against the US Dollar (EUR/USD) and 1.2% against the Australian Dollar (EUR/AUD), although the single currency has been virtually flat against Pound Sterling (EUR/GBP).

Pound Sterling (GBP) Steady while US Dollar (USD) Flops on Manufacturing Misstep

The Pound has appreciated against its peers in a majority of cases recently, although this comes in spite of generally unfavourable economic circumstances.

In addition to yesterday seeing a severe limitation on UK data releases due to the early bank holiday, recent reports have pointed strongly to further economic turbulence being in store as the UK Referendum vote approaches. A poll by the ICAEW highlighted generalised anxiety amongst businesses, which extended to reluctance in hiring new staff.

Pound gains have included 0.7% against the US Dollar (GBP/USD) and the New Zealand Dollar (GBP/NZD) and 1.3% against the Australian Dollar (GBP/AUD), while losses have included -0.4% against the Swiss Franc (GBP/CHF).

The US Dollar’s appeal has been diminished lately, owing to a recent drop in the ISM manufacturing result for April from 51.8 to 50.8 points.

Among the recorded losses have been -0.7% against the Euro (USD/EUR) and the Pound (USD/GBP). The only discernible gain has been by 0.6% against the Australian Dollar (EUR/AUD).

EUR, GBP, USD Forecast: European Commission (EC) Outlook and Fed Speech due Today

The near-future will bring a medium-impact piece of Eurozone data, in the form of a speech from the EC regarding its economic forecasts for the future.

The next US economic announcement to come will be a speech this afternoon from the Federal Reserve’s Loretta Mester.

Current EUR, GBP, USD Exchange Rates

The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7862, while the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2719 today.

The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1602, while the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8622 today.

The Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.4765, while the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6776 today.

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