Euro Exchange Rate News

Euro to Pound Sterling (EUR/GBP) Exchange Rate Forecast to Trend within Tight Range as Euro Finance Ministers Meets for Third Time this Week

The Euro to Pound Sterling (EUR/GBP) exchange rate was trending within a limited range on Wednesday morning.

As Eurozone finance ministers prepare to meet for the third time in a week, the shared currency is generally holding steady versus most of its major peers. A slight appreciation can be linked to optimism that Athens will be able to secure a deal before credit runs dry.

The Pound, meanwhile, edged higher versus its major rival after an end to a long spate of profit-taking. Traders are now adjusting positions to bring Sterling back to justified levels. BBA Loans for House Purchase has the potential to provoke volatility for the UK asset.

The Euro to Pound Sterling (EUR/GBP) exchange rate is currently trending in the region of 0.7106.

Previously…

The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in a narrow range on Monday as investors were poised to pounce on Euro (EUR) purchases if a deal was made between Greece and its creditors.

Greece Optimism Jumps as Bailout Extension Offered – Euro (EUR) Stabilises

However, creditors were perhaps worried that a deal between Greece and Russia would materialise as the nation has been offered a six-month bailout extension as its current package ends on June 30th. It seems Greece is still in a muddle though after the government sent the wrong reform documents to its creditors late on Sunday night.

One official stated: ‘It’s not so dramatic, but they sent the wrong one by mistake.’

 


However, the progress made in the past few days seem to be more substantial than any developments made in the past five months.

Financial analyst Connor Campbell commented: ‘The main reason behind the positivity is hope that this latest Greek proposal contains the much needed concessions the country’s creditors have been looking for; described as “a good basis for progress”, already these proposals have been received better than the usual “insulting” attempts at reform.’

The situation is continually developing and therefore the Euro (EUR) exchange rate is susceptible to sudden movement until an agreement is reached.

 

 

Exit mobile version