The Euro (EUR) has posted a 0.3% rise against the Pound Sterling (EUR/GBP) today, something irregular given how poor the day’s Eurozone results have been.
UK House Prices to Open Tomorrow’s Movement ahead of German Unemployment Data
The Euro (EUR) will holds the lion’s share of economic releases tomorrow in terms of quality, as the German Unemployment Change and Rate covering October are both due out tomorrow. The Rate is not expected to change from 6.4%, but according to predictions, a -4k person decline in the number of unemployed persons is on the cards.
The Euro (EUR) has trended narrowly in a positive range against the Pound Sterling (EUR/GBP) today, due to the latter currency’s Q3 GDP results dropping and disheartening investors.
Pessimistic Eurozone Data due to Provide Movement in EUR/GBP Pairing Tomorrow
The next factors likely to influence the pairing are tomorrow’s negatively forecast German Gfk Consumer Confidence Survey of November and the German Import Price Indices for September released around the same time.
The Euro to Pound Sterling (EUR/GBP) exchange rate has been trending in a narrow range today with a lack of major Eurozone releases failing to facilitate an advantageous position.
EUR/GBP Exchange Rate News: Scarce Eurozone Results offer Uncertain Picture for Investors
The Euro (EUR) has trended narrowly in a positive range against the Pound Sterling (EUR/GBP) today, although elsewhere the common currency has made few notable gains. Virtually the only large advance has been by 0.3% against the South African Rand (EUR/ZAR), while losses have been made up of 0.2% against the Polish Zloty (EUR/PLN) and -0.5% against the Japanese Yen (EUR/JPY).
The only Eurozone releases of note today have already come out; these have been a drop in Finnish Consumer Confidence for October, a small increase in the Eurozone Loan Growth annually and a decline in Lithuania’s Retail Sales for September. The monthly variant has been particularly bad in this regard, with the figure coming in at -7.3%.
Declining GDP Figure Softens the GBP/EUR Exchange Rate Today
The Pound Sterling (GBP) has made a marginal loss against the Euro (GBP/EUR) today, along with greater declines of -0.2% against the Australian Dollar (GBP/AUD) and a -0.6% against the Japanese Yen (GBP/JPY). However, Sterling has also advanced by 0.2% against the South African Rand (GBP/ZAR) and by a greater 0.8% against the Norwegian Krone (GBP/NOK) and the volatile Russian Ruble (GBP/RUB).
The biggest UK news today has been that the nation’s Q3 GDP has fallen, both compared to the previous quarter and on the year. The former field saw a drop from 0.7% to 0.5%, while the latter recorded a dip from 2.4% to 2.3%.
Exchange Rate Forecast: German Data to Provide Future EUR/GBP Movement ahead of Thursday’s UK Lending Figures
The next pieces of data due to affect the Euro to Pound Sterling (EUR/GBP) exchange rate will be tomorrow’s German Gfk Consumer Confidence Survey for November, along with the simultaneously released September German Import Price Indices. Unfortunately for Germany (and the Euro by extension), only pessimistic forecasts have been made for the outcomes of all three fields. Confidence is predicted to decline from 9.6 points to 9.4, while both the monthly and annual Indexes are expected to print negative figures.
Looking further ahead, Thursday will bring the release of several positively predicted Credit and Lending results for the UK.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7207 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3879 today.