The Euro (EUR) has declined by -0.6% against the Pound Sterling (EUR/GBP) today, just one of several losses brought about by inconsistent Eurozone October Composite and Services PMI results today.
EUR/GBP Forecast: German Orders to Open UK’s ‘Super Thursday’ Tomorrow
The next release likely to initiate EUR/GBP exchange rate movement tomorrow will be Germany’s Factory Orders and Retail PMIs; at the time of writing, the only forecasts were for a slight slowdown in annual factory orders in September and a rise on August’s monthly result by 1%.
The UK will have the lion’s share of releases, however, due to the Bank of England (BoE) Interest Rate Decision, Inflation Report and minutes all being released at noon tomorrow.
Earlier…
The Euro (EUR) has risen by 0.2% against the Pound Sterling (EUR/GBP) today, as just one of a number of gains made by an uptrending single currency. The rise has been brought about my speculation that today’s positive PMI results may dissuade the European Central Bank (ECB) from using further quantitative easing (QE) to stabilise the Eurozone.
Spanish Unemployment figures to Open Tomorrow’s EUR/GBP Movement ahead of ES Confidence and UK Construction PMI
The next data releases due to affect the Euro (EUR) and the Pound Sterling (GBP) will be Spain’s pessimistically forecast Unemployment Change for October, along with the negatively-predicted Spanish Consumer Confidence score and the similarly downtrend-predicted UK October Construction PMI tomorrow.
Earlier…
The Euro to Pound Sterling (EUR/GBP) exchange rate has declined today, although the common currency has seen rises elsewhere thanks to several positive Manufacturing PMIs coming out of the Eurozone.
Exchange Rate News: EUR/GBP Falls, Euro Gains on AUD, INR as Investor Interest Rises on PMI Results
The Euro (EUR) has been bolstered today by a mostly beneficial result for its many Manufacturing PMI releases for October. Among these have been a rise from 52.7 to 54.1 with Italy’s result, an advance from 51.6 to 52.1 for Germany and a climb from 52 points to 52.3 with the overall Eurozone area. Going against this positive trend has been France’s posting, which fell from 50.7 points to 50.6 when a stagnation had been predicted.
The Euro has declined by -0.2% against the Pound Sterling (EUR/GBP) today, although gains have been recorded of 0.3% against the Australian Dollar (EUR/AUD) and the Indian Rupee (EUR/INR), 0.5% against the Canadian Dollar (EUR/CAD) and 0.6% against the New Zealand Dollar (EUR/NZD).
Pound Sterling Soars in GBP/EUR Pairing and Overall as UK PMI Exceeds Expectations
The Pound Sterling (GBP) has had a superb day so far in terms of economic releases, as the only UK economic publication due out, the Markit PMI for Manufacturing, has risen from 51.5 to 55.5 against predictions of a decline to 51.3 points.
In the wake of such supportive news, the Pound Sterling has seen advances of 0.3% against the Euro (GBP/EUR), 0.7% against the Chinese Yuan (GBP/CNY) and the Indian Rupee (GBP/INR), 0.8% against the Singapore Dollar (GBP/SGD) and over 1% against the Hungarian Forint (GBP/HUF) and the New Zealand Dollar (GBP/NZD). Sterling’s greatest loss has been by -3.25% against the Turkish Lira (GBP/TRY), which has rallied lately on the news that the AKP party has won the second Turkish election of this year with almost 50% of the vote; this has been viewed by investors as a sign that the nation and its currency will be subject to greater stability in the future.
Exchange Rate Forecast: Irish Confidence and French Auctions to Provide Remaining EUR/GBP Movement Today
With most of the major Eurozone and UK economic releases come and gone today, the only remaining announcements that are due from the former area are the Irish Consumer Confidence figure for October and the French BTF Auctions covering 3, 6 and 12 months.
Ireland’s Confidence score is forecast to decline, with a drop from 100.6 to 100.1 on the cards. Later on, France’s BTF Auctions have no predictions assigned to them, although the previous results in all three categories were negative and fell by -0.251%.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7136 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.4014 today.
