The Euro (EUR) has fallen by -0.2% against the Pound Sterling (GBP) today, although earlier the common currency experienced a rise thanks to the Eurozone PMIs for October coming in above predictions of declines.
German IFO Surveys to Open Next Week’s EUR/GBP Movement
A number of high-impact Eurozone and UK results are due out next week, but the first major data will come on Monday with the German IFO Business Climate, Current Assessment and Expectations Surveys. At the time of writing, forecasts had been for score reductions for all three fields.
The Euro (EUR) has been in a distinct downtrend against the Pound Sterling (GBP) for most of today, falling to -1.6% near to the close of the European trading session.
Day of Defeat Possible Tomorrow due to Low-Forecasted Eurozone PMIs
The Euro (EUR) has been hit hard in the pairing today by the Pound Sterling (GBP) soaring after the UK Retail Sales figures came in, while European Central Bank (ECB) President Mario Draghi’s speech warning of further possible quantitative easing also harmed the Euro massively.
Tomorrow looks similarly gloomy for the single currency with only pessimistically predicted Eurozone PMIs to rely on for movement.
The Euro to Pound Sterling (EUR/GBP) exchange rate has risen slightly today; this follows on from the amounts borrowed by and lent to the UK government remaining high.
EUR/GBP Exchange Rate News: Common Currency advances as Greek Bailout Process makes Steady Progress
The Euro (EUR) has risen slightly against the Pound Sterling (EUR/GBP) today by; this follows the news coming out of Greece that the international creditors making up the ‘Troika’ have visited Athens to observe the Greek parliament’s current progress in implementing the required reforms. The first set of required reforms were safely approved last week by Greek MPs. The European Central Bank (ECB) has also had a hand in proceedings as it is assesses whether or not Greece’s four main banks are ready to receive a release of 25bn Euros.
The Euro has made particularly notable gains today, including 0.5% against the Indian Rupee (EUR/INR), 0.8% against the New Zealand Dollar (EUR/NZD), 0.9% against the Australian Dollar (EUR/AUD) and 1% against the South African Rand (EUR/ZAR).
Pound Sterling Holds Fast Today despite Uncertain Debt Data
The Pound Sterling (GBP) has fallen marginally against the Euro (GBP/EUR) today, although elsewhere particularly large gains have been made by Sterling. This has included 0.8% against the Australian Dollar (GBP/AUD) and the South African Rand (GBP/ZAR) and 1.2% against the Russian Ruble (GBP/RUB).
The biggest boost to the Pound today has been the news that China will be investing in the development of a nuclear power station at Hinkley Point as part of new economic ties being established between the two countries. In data news, the UK Borrowing results have shown less taken for the public sector relative to August, but a whopping £17.9bn increase in the amount lent for Public Finances in September.
EUR/GBP Exchange Rate Forecast: Eurozone Debt-GDP Data Predicted to Cause Movement Today
The next piece of data affecting the EUR/GBP pairing is likely to be the imminent release of the Eurozone Government Debt-GDP Ratio for 2014. Given the vast amount of data factoring into the figure, no forecasts have been made, but as Greece was in particularly dire straits to the point of requiring a third bailout a few months ago, it wouldn’t be unheard of for the figure to potentially rise from the 2013 figure of 92%.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7357 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3596 today.