The Euro to Pound Sterling (EUR/GBP) exchange rate has risen marginally today, although elsewhere both the Euro (EUR) and the Pound (GBP) have fared poorly against the competition due to unfavourable domestic results.
EUR/GBP Exchange Rate News: German Industrial Data disappoints Investors in Recurrent Trend Today
The Euro (EUR) has seen a rise of 0.2% against the Pound Sterling (EUR/GBP) today, although the single currency has also declined by -0.2% against the US Dollar (EUR/USD), -0.3% against the Australian Dollar (EUR/AUD) and -0.4% against the Indian Rupee (EUR/INR).
The primary cause for the downfall of the single currency has been today’s German Industrial Production results for September; the annual result has only printed at 0.2% instead of the forecast 1.3%, while the monthly posting has dropped from a previous -0.6% to -1.1%; a rise of 0.5% had been predicted. The news has hardly come at an opportune time, given that a beneficial outcome from the December review of the European Central Bank’s (ECB) quantitative easing scheme is likely dependent on better, rather than worse results from key Eurozone nations.
Collection of Losses for Pound Sterling Today, GBP/EUR, GBP/USD Exchange Rates Lower
The Pound Sterling (GBP) has continued to downtrend against most of its rivals today, with the recently released UK Industrial and Manufacturing Production results for September printing poorly and adding to the devalued condition of the Pound. The annual Industrial result dropped fell short of 1.3% by hitting 1.1%, while the Manufacturing figure remained negative at -0.6%. In more supportive news, however, the UK September Trade Balance figures have come out positively, showing greater reductions in the UK deficit than had originally been expected.
The Pound Sterling (GBP) has fallen by -0.2% against the Euro (GBP/EUR) and over -0.5% against the Israeli New Shekel (GBP/ILS), the Indian Rupee (GBP/INR) and the Australian Dollar (GBP/AUD) today. However, Sterling has made a pair of gains by 0.2% against the Turkish Lira (GBP/TRY) and 0.5% against the Russian Ruble (GBP/RUB).
EUR/GBP Exchange Rate Forecast: NIESR GDP Estimate Last Relevant Pairing Result Due Today
With all of the day’s Eurozone and most of the day’s UK economic publications now come and gone, the only remaining release likely to have an impact on the Pound Sterling’s (GBP) movement in the pairing will be the National Institute of Economic and Social Research (NIESR) UK GDP Estimate for October. The NIESR’s estimate is held in high regard, therefore a positive forecast can be expected to bolster the Pound temporarily, while the opposite is likely to have a contrasting effect.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7170 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3947 today.