The Euro (EUR) has fallen by -0.6% against the Pound Sterling (EUR/GBP) today, and elsewhere the single currency has generally declined against the competition.
Germany to Represent the Euro (EUR) Once Again Next Week
As with the current week, German data is among the most high impact results due out of the Eurozone next week. This primarily covers Germany’s Retail and Construction PMIs as well as the nation’s Factory Orders and Industrial Production outcomes.
The Euro to Pound Sterling (EUR/GBP) exchange rate has edged up today, although the single currency has made a number of other notable declines due to the day’s Eurozone data so far not matching with expectations.
EUR/GBP Exchange Rate News: German Retail Sales fail to Buy Euro Confidence Today
The Euro (EUR) has managed to eke out a small gain against the Pound Sterling (EUR/GBP) today but elsewhere, the Euro has declined by -0.3% against the Polish Zloty (EUR/PLN), -0.5% against the South African Rand (EUR/ZAR) and -0.6% against the New Zealand Dollar (EUR/NZD). The only notable gain for the single currency has been a 0.2% advance against the US Dollar (EUR/USD).
The Euro’s unstable showing today has mainly been the result of Eurozone data so far not matching up with forecasts; German monthly and yearly Retail Sales in September rose compared to August’s results, but not to the level expected by some economists. This equated to a rise from -0.7% to 0% on the month when 0.4% had been predicted and an increase from 2.1% to 3.4% annually when a 4.1% figure was in the minds of investors.
Sterling Slips Up Today, GBP/EUR, GBP/AUD Declines as Consumer Confidence Drops
The Pound Sterling (GBP) has trended narrowly in a negative range against the Euro (GBP/EUR) today; elsewhere far greater losses and gains have been recorded by UK currency. These have included more than -0.5% against the Chinese Yuan (GBP/CNY) and the South African Rand (GBP/ZAR) along with -0.8% against the New Zealand Dollar (GBP/NZD). On the other hand, the British Pound has risen by 0.4% against the volatile Russian Ruble (GBP/RUB) and 0.5% against the Norwegian Krone (GBP/NOK).
With very few UK results out today, the only data so far has not supported Sterling in the slightest – the Gfk Consumer Confidence Survey for October has fallen from 3 points to 2, instead of rising to a score of 4 as had been predicted. Other UK news so far has been that Chancellor George Osborne is launching the National Infrastructure Commission, a measure designed to ensure the distribution of around £100bn to roads, rails and flood-countering constructions. Although the effects are only likely to be seen far into the future, the allocation of such a sum to areas where a discernible impact will be seen can only be considered a positive step for the future of the UK’s economy.
EUR/GBP Exchange Rate Forecast: Imminent Eurozone Inflation Data to Provide Last EUR/GBP Input Today
With most of today’s Eurozone and UK economic publications now released, the only remaining announcement likely to affect the pairing’s movement will be the impending Eurozone CPI for October. At the time of writing, forecasts were for a repeat of 0.9% with the annual core figure and a marginal improvement from -0.1% to 0% with the base yearly estimate.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7179 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3932 today.