In the aftermath of a relatively positive set of German economic data publications, the Euro to Pound Sterling (EUR/GBP) exchange rate strengthened by around 0.10%. The Euro to US Dollar (EUR/USD) exchange rate softened by around -0.13% as a result of dampened risk sentiment following disappointing data out of China.
The Euro to Pound Sterling exchange rate is currently trending in the region of 0.7929.
The Euro to US Dollar exchange rate is currently trending in the region of 1.2489.
Euro (EUR) Fluctuates despite Positive German Data
Although data from the currency bloc’s most powerful economy printed positively, the Euro has fluctuated against its major peers. This can be attributed to the hangover from the dovish comments made by European Central Bank Vice President Vitor Constancio regarding quantitative easing.
German Unemployment Change saw 14,000 fewer unemployed in November, eclipsing the median market forecast of a cut by 1,000. Seasonally adjusted Unemployment Rate remained unchanged at 6.6%, despite expectations of a rise to 6.7%. Additionally, the German Consumer Price Index met with the market consensus of a drop from 0.8% to 0.6%. EU-Harmonised German CPI equalled predictions of a drop from 0.7% to 0.5%.
Pound Sterling (GBP) Subject to Foreign Currency Movement
With a distinct lack of influential, market moving domestic data, the Pound has been subject to changes dictated by foreign currency movement. The solitary British data publication, however, did print positively. Lloyds Business Barometer increased from 35 to 42.
US Dollar (USD) Gains on Safe-haven Qualities
After data out of China showed industrial profits to have declines, trader risk sentiment dampened considerably. This has caused the US Dollar to appreciate against the majority of its most traded currency rivals thanks to its safe-haven qualities.
The Euro to Pound Sterling exchange rate has trended between a range of 0.7904 and 0.7932.
The Euro to US Dollar exchange rate has trended between a range of 1.2462 and 1.2524.
