The Pound Sterling to Euro (GBP/EUR) exchange rate has risen today but the Pound Sterling to US Dollar (GBP/USD) exchange rate has conversely fallen. The Pound (GBP) has fared well overall today, although circumstances have not been conducive to this performance.
GBP/EUR, GBP/USD Exchange Rate News: Positive Sterling Sentiment Yesterday likely Cause for Current Uptrend
The Pound Sterling (GBP) has risen by 0.4% against the Euro (GBP/EUR) today but has trended narrowly in a negative range against the US Dollar (GBP/USD). Elsewhere, Sterling has seen rises of over 0.5% against the Danish Krone (GBP/DKK), the Polish Zloty (GBP/PLN) and the Russian Ruble (GBP/RUB) but has fallen by -0.2% against the Egyptian Pound (GBP/EGP).
Despite these positive results, the Pound has actually been weathering detrimental developments this morning. These have included Bank of England (BoE) Chief Economist Andy Haldane stating that ‘the case for raising [UK] interest rates is still some way from being made’, Haldane’s additional statement that as many as 15 million UK jobs are at risk from automation and the news that UK Construction Output in September printed negatively on the month and the year.
Poor Eurozone GDP Results Soften Euro (EUR) while Fed Division Balances US Dollar (USD) Today
The Euro (EUR) has declined against most of the competition today, seeing losses of -0.4% against the Pound Sterling (EUR/GBP) and the Canadian Dollar (EUR/CAD) and -0.5% against the Australian Dollar (EUR/AUD) and the US Dollar (EUR/USD). The only real rise has been by 0.2% against the Polish Zloty (EUR/PLN).
The day’s Eurozone news has been made up of Q3 GDP figures across the currency bloc; Greece’s numbers fell, while Germany’s respectable printing was not enough to balance out the overall slowdown and shortfalling Eurozone stats.
The US Dollar (USD) has risen by 0.5% against the Euro (USD/EUR) and made a minor gain against the Pound Sterling (USD/GBP) today, while other advances have included 0.3% against the New Zealand Dollar (USD/NZD) and 0.5% against the Polish Zloty (USD/PLN).
The most recent US data has been a series of speeches from Fed officials that were delivered yesterday; the attitudes were essentially divided into hawkish ones put forward by individuals like Jeffrey Lacker and dovish tones adopted by Federal Open Market Committee (FOMC) members like Charles Evans.
GBP, EUR, USD Exchange Rate Forecast: Glut of US Data Likely to Generate Movement This Afternoon
With all of the day’s major UK and Eurozone economic publications now out, the only remaining contributions to the trinity will come from the US. Although a large number of releases are due throughout the afternoon, the main ones to watch out for will be the October Advance Retail Sales, the University of Michigan Confidence score for November and the September Business Inventories.
At the time of writing, a rise from 0.1% to 0.3% had been forecast for the Retail Sales result and similarly optimistically, an increase from 90 to 91.5 points had been predicted for the University’s Confidence score. Less positive was the prediction for the Inventories result, which had been expected to repeat a result of 0%.
Current GBP, EUR, USD Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.4134, the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7077, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.5228, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6569, the Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0772 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9286 today.
