The Euro to Pound Sterling (EUR/GBP) exchange rate has risen today thanks to a positive outcome for the German Unemployment data; the Pound Sterling (GBP) has conversely been hindered by indecisive Lending data.
EUR/GBP Exchange Rate News: Drop in Unemployment triggers Rise for Single Currency Today
The Euro (EUR) has risen by 0.3% against the Pound Sterling (EUR/GBP) today, which has been just one of a number of advances to come from positive Eurozone data so far. Other gains have included 0.4% against the Canadian Dollar (EUR/CAD) and the Indian Rupee (EUR/INR) and a 0.6% surge against the South African Rand (EUR/ZAR).
The principle cause for the Euro rising as it has done today is that the German Unemployment Change figure for October has shown a fall of -5k persons. However, despite this, the actual Unemployment Rate for the month has not changed from 6.4%. Other Eurozone news has included positive Spanish Retail Sales for September; these have been met with less supportive Inflation Rate printings.
Pound Sterling (GBP) posts Mixed Gains on Minor UK House Price Rise Today
The Pound Sterling (GBP) has seen a worse performance than the Euro today, making a number of high-profile losses against rivals on the back of economic uncertainties. The Pound has fallen by -0.3% against the Euro (GBP/EUR), -0.4% against the Israeli New Shekel (GBP/ILS) and -0.6% against the Swedish Krona (GBP/SEK), but has made larger advances of 0.3% against the Indian Rupee (GBP/INR) and 1% against the Russian Ruble (GBP/RUB).
The only UK data so far has seen the Pound benefit from a small rise from 3.8% to 3.9% in the annual Nationwide House Prices for October, although the UK-EU Referendum campaign has taken yet another hit today from the news that the Estonian and Finnish Prime Ministers have criticised UK PM David Cameron for failing to articulate precisely what he wants from the reform of the UK’s relationship with the EU.
EUR/GBP Exchange Rate Forecast: Eurozone Confidence Measures to Provide Next Pairing Movement ahead of UK Sales Figures, German CPIs
The Eurozone is due for further high-profile economic releases today, in the form of the Economic Confidence results for October. At the time of writing, these were predicted pessimistically, with declines across the board in Industrial, Services and Consumer Confidence measures.
Looking further ahead, additional UK data is due out today with the CBI Reported Sales for October; this was forecast to show a drop from 49 to 35 as of writing.
After this will be another high-impact Eurozone release: the German CPIs for October. Predictions so far have been for declines on the month, but improvements annually.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7180 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3927 today.