The Euro (EUR) has risen by 0.7% against the Pound Sterling (EUR/GBP) today, primarily on account of the shrinkage of mining giant Anglo American severely devaluing the Pound (GBP).
German Trade Balance due Tomorrow along with BoE Meeting Record
The next data to affect the EUR/GBP pairing will come from the Eurozone tomorrow, with the German Trade Balance for October coming out tomorrow morning. As of writing, forecasts have been pessimistic for the outcome.
With the UK, influence will come later with the release of the Bank of England (BoE) Financial Policy Committee Record of their November Meeting.
The Euro (EUR) has risen by 0.4% against the Pound Sterling (EUR/GBP) today, mainly on account of the latter currency being negatively affected by November Retail Sales results. These have primarily failed to live up with forecasts, which were predicted to jump up on Black Friday and Cyber Monday offers.
Eurozone GDP Results due in Near-Future, UK GDP Estimate to Follow
The Euro (EUR) will be the half of the pairing to move next; the common currency can be expected to rise if the current forecasts of repeat figures for the Q3 quarterly and annual fields are exceeded.
With the UK’s contribution to the exchange rate, another GDP-oriented result is due in the form of the NIESR GDP Estimate for November this afternoon.
The Euro to Pound Sterling (EUR/GBP) exchange rate has deteriorated today and elsewhere the single currency (EUR) has generally been in a slump against its various economic rivals.
EUR/GBP Exchange Rate News: Poor German Industrial Figures see Euro (EUR) Remain Down This Morning
The Euro (EUR) has largely been trending in a weaker position against its various currency competitors today, likely due to a lingering level of discontent following European Central Bank (ECB) President Mario Draghi’s dovishness when it came to quantitative easing (QE) last week. The single currency has also not been helped today by the German Industrial Production results for October, which have respectively printed at a lower-than-expected monthly 0.2% and a similarly shortfalling 0% for the annual figure. In addition, the Eurozone Sentix score for Investor Confidence in December has also printed at 15.7, failing to meet the predicted 17 points.
The Euro has fallen by -0.2% against the Polish Zloty (EUR/PLN), -0.3% against the Pound Sterling (EUR/GBP), -0.5% against the Indian Rupee (EUR/INR) and -0.6% against the US Dollar (EUR/USD). The only real rise has been by 0.5% against the New Zealand Dollar (EUR/NZD).
Pound Sterling (GBP) has Strong Showing Today despite relative Data Scarcity
The Pound Sterling (GBP) has advanced against most of its peers so far today, despite not having any notable domestic data to speak of. Its performance against the Euro (EUR), however, has been a considerable improvement on Friday’s pairing positions.
The greatest gains for Sterling today have been by 0.4% against the Euro (GBP/EUR), 0.5% against the Israeli New Shekel (GBP/ILS), 0.8% against the Norwegian Krone (GBP/NOK) and 0.9% against the New Zealand Dollar (GBP/NZD). Losses have been relatively few, with drops of -0.3% against the US Dollar (GBP/USD) and -0.4% against the Turkish Lira (GBP/TRY) being the largest of these.
EUR/GBP Exchange Rate Forecast: Central Institution Contributions to Cause Future Movement
The Euro (EUR) is likely to be affected in the near-future by this afternoon’s Eurogroup meeting, which is due to feature a discussion on the Single Supervisory mechanism, the current economic and political situation in Greece and a post-support observation of how Ireland is faring having received financial assistance.
The Pound Sterling (GBP) will likely be impacted by a speech from Bank of England (BoE) Governor Mark Carney, who is due to speak at the European Parliament’s ECON Committee in Brussels, also this afternoon.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7181 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3928 today.