The Euro (EUR) has fallen against the Pound Sterling (EUR/GBP) by -0.6% today, following the National Institute of Economic and Social Research (NIESR) estimating September’s UK GDP to be 0.5%.
UK Data to Open Tomorrow ahead of Key Eurozone and UK Central Bank Minutes
Neither the Eurozone nor the UK hold any further economic publications today, therefore tomorrow’s first posting will come from the UK in the form of the positively-forecast RICS House Price Balance.
Following this will be the Bank of England (BoE) Interest Rate Decision and its minutes, along with the European Central Bank (ECB) Account of the Monetary Policy Committee Meeting. Investors will be keenly eying both results for respective mentions of when the UK interest might be raised and what policymakers think is appropriate regarding further quantitative easing.
The Euro to Pound Sterling (EUR/GBP) exchange rate has dropped by -0.7% today as a result of the German Industrial Production figure for August falling short of expectations in both the monthly and annual forecasts.
UK GDP Prediction to Decide any Further EUR/GBP Movement Today
This afternoon holds no Eurozone economic publications, therefore the only affecting factor will be the UK NIESR GDP Revision for September.
The Euro to Pound Sterling (EUR/GBP) exchange rate has trended narrowly today and both currencies have made middling progress against rivals thanks to a lack of conclusive economic releases.
EUR/GBP Exchange Rate News: German Let-Downs Trigger Resurgent Greek Concerns for Euro Investors
The Euro (EUR) has trended narrowly in the positive against the Pound Sterling (EUR/GBP) today, although the single currency has had a hard time elsewhere, trending narrowly against most of its rivals. Against the Canadian Dollar (EUR/CAD), the Euro has risen by 02%; this has been met with 0.5% advances against the Indian Rupee (EUR/INR) and the South African Rand (EUR/ZAR). In terms of losses, a -0.2% drop against the Australian Dollar (EUR/AUD) has been recorded.
The biggest influencer on the Euro this morning has been the release of Germany’s annual Factory Orders figure for August, which instead of rising from -1.3% to 5.6% as predicted came in at a far lesser 1.9%. In addition to a number of mixed Eurozone Retail Sales PMIs, the Euro has also been harmed in value this morning by the ongoing Greek draft budget that is being set up as part of the third bailout conditions. Alexis Tsipras’ parliament has been keenly pushing for debt restructuring, but according to European Commission officials Pierre Moscovici: ‘There is no alternative to fulfilling the commitments that have been taken with the European Union’.
Sterling (GBP) Holds Fast against the Competition as Minor UK Data Releases Present Unclear Picture
The Pound Sterling (GBP) has made slightly better progress than the Euro (EUR) today, rising by small amounts against many of its competitors following positive UK vehicles data. The annual new Car Registrations result for September rose by 8.6%, making it the best September of record, according to the Society of Motor Manufacturers and Traders. Elsewhere, however, enthusiasm in the Pound was dampened by the Halifax House Prices data, which fell short in one field and dropped into the negative for the other.
Sterling has seen rises of more than 0.4% against the Turkish Lira (GBP/TRY), the Singapore Dollar (GBP/SGD) and the Indian Rupee (GBP/INR) today, with a greater 1% being recorded against the Russian Ruble (GBP/RUB). On the other hand, the Pound has trended narrowly against the Euro (GBP/EUR) and fallen by -0.3% against the Australian Dollar (GBP/AUD).
EUR/GBP Exchange Rate Forecast: Euro to Take the Initiative Tomorrow with Further German Data Releases
As no notable Eurozone or UK data releases are due today, tomorrow’s German September annual Industrial Production figures will be the first movers of the EUR/GBP exchange rate. As of writing, a rise had been predicted in the annual result but a decline compared to the previous posting was expected for the monthly variant.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7385 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3541 today.