The Euro to Pound Sterling (EUR/GBP) and Euro to US Dollar (EUR/USD) exchange rates have both been low today, respectively showing a marginal gain and a larger loss. With the events of yesterday continuing to have a damaging impact on Euro (EUR) appeal, it is unlikely that the currency will recover before the end of the week.
EUR/GBP, EUR/USD Exchange Rate News: Italian Wage Stats Fail to Shift Prevailing Caution among Investors
The day’s movement for the Euro (EUR) has been uninspiring so far, mainly due to the currently high levels of alert and unrest in Europe as a whole, following on from yesterday’s terrorist attacks in Brussels.
In terms of domestic data, the Euro has been dealt a mixed hand, with the earlier drop in Spanish PPI for February from -4.2% to -5.7% being offset by the more recent rise in Italian wage inflation from 0% to 0.1% on the month and from 0.7% to 0.8% on the year.
The single currency has trended in a tight range against the Pound Sterling (EUR/GBP) today, while elsewhere, advances of 0.2% against the South African Rand (EUR/ZAR) and 0.3% against the New Zealand Dollar (EUR/NZD) have also been seen. Losses have been made up of -0.2% against the Indian Rupee (EUR/INR) and -0.3% against the US Dollar (EUR/USD).
Pound Sterling (GBP) Mixed Today While US Dollar (USD) Appreciates on Hawkish Fed Outlooks
The Pound (GBP) has been an uncertain prospect so far today, mainly due to the simple lack of domestic data. The closest contribution at present is the Bank of England (BoE) Financial Policy Committee meeting taking place today, although the accompanying statement isn’t scheduled for release until March 29th.
The Pound has fallen by a small amount against the Euro (GBP/EUR) and by -0.4% against the US Dollar (GBP/USD) today, with a greater loss being seen of -0.5% against the Israeli New Shekel (GBP/ILS).
The US Dollar (USD) has been on a steady uptrend so far today, thanks to a trio of recent hawkish speeches from Federal Reserve officials. The latest two of these have come from Charles Evans and Patrick Harker, who have respectively supported the idea of two interest rate hikes this year and urged the Fed to ‘get on’ with rate hikes.
The US Dollar has advanced by 0.3% against the Euro (USD/EUR) and by 0.4% against the Pound Sterling (USD/GBP) today.
EUR, GBP, USD Exchange Rate Forecast: ECB Speech due Today, along with US Housing Stats
The afternoon will bring a pair of releases from the Eurozone and the US; in the first instance, this will be a speech from European Central Bank (ECB) official Jens Weidmann, which is due in the early afternoon.
Later on, the US’s February new home sales figure will be announced; this has been forecast to rise from -9.2% to 3.2%.
Current EUR, GBP, USD Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7899, the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2663, the Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1190, the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8939, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.4169 and the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.7059 today.
