The Euro (EUR) has fallen by -0.3% against the Pound Sterling (EUR/GBP) today, just one of a number of losses for the common currency.
UK PMI to Deliver Deciding Blow in EUR/GBP Pairing Soon
The day’s Eurozone results have been somewhat disappointing to the common currency (EUR); while France’s Manufacturing PMI for September has risen and the overall Eurozone variant has remained at 52 points, the Italian and German PMIs have both fallen below expectations, leading to a rout in support for the single currency. This has been compounded by a speech yesterday from International Monetary Fund (IMF) Managing Director Christine Lagarde, who warned that the global economy would likely slow in 2016.
Later on today, the UK Markit PMI for Manufacturing will be the next influencer in the pairing’s exchange rate.
The Euro to Pound Sterling (EUR/GBP) exchange rate has fared poorly today, and the single currency has fallen on the whole against most of its other rivals ahead of the influential Eurozone CPIs for September.
EUR/GBP Exchange Rate News: German Unemployment gives a Negative Shunt ahead of Later Major Results
The Euro (EUR) has dropped considerably in value today, depreciating against most opponents and making only marginal gains against others. The worst of the Euro’s rates today include -0.6% against the Indian Rupee (GBP/INR) and the New Zealand Dollar (EUR/NZD) and -1.2% against the South African Rand (EUR/ZAR). Against the Pound Sterling (EUR/GBP), the Euro has lost out by -0.2%.
Ahead of the vital Eurozone CPI results for September, the Euro has been given a starter course of bad news by having the German Unemployment Rate for September remain unchanged, but the Unemployment Change showing a 2k person rise. In addition, today’s German Retail Sales have disappointed expectations as well.
Pound Sterling Softens as UK Consumer Confidence Takes a Hit
The Pound Sterling (GBP) has performed equally poorly today, dropping against most of the competition and posting only minor gains. The Pound has fallen by -0.5% against the Thai Baht (GBP/THB) and the Turkish Lira (GBP/TRY) and has seen greater declines of -0.6% against the Russian Ruble (GBP/RUB) and -0.8% against the South African Rand (GBP/ZAR). Gains have been mainly made up of 0.2% against the Swiss Franc (GBP/CHF), the Euro (GBP/EUR) and the Polish Zloty (GBP/PLN).
The Pound’s first data release of today came incredibly early on – the Gfk Consumer Confidence Survey for September. In a worse result than had been expected, the score dropped from 7 points down to 3, instead of hitting 5 as had been predicted. The other UK data today, the Nationwide House Prices for September, were somewhat more supportive, showing rises in both the monthly and annual fields.
EUR/GBP Exchange Rate Forecast: UK Revision GDP to be Highlight of Sterling’s Data Day Today
Although the Pound (GBP) has a sizable number of results due out today, only the Q2 GDP finalisation has been classed as high-impact, therefore the Euro (EUR) will once again take the lead after the UK results are released. Eurozone Employment and CPI results are due out later on, although the only predicted change has been for a drop in the annual September CPI estimate.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 1.3492 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 0.7414 today.