The Euro to Pound Sterling (EUR/GBP) exchange rate has risen considerably today, while the Euro to US Dollar (EUR/USD) exchange rate has also advanced greatly. This comes because of the Christmas period – due to low market movement and activity, thin trading has resulted in normally low-key economic announcements having an amplified impact.
EUR/GBP, EUR/USD Exchange Rate News: Common Currency Strengthened Today by Somewhat Supportive Dutch Data
The Euro (EUR) has risen by 0.5% today against both the Pound Sterling (EUR/GBP) and the US Dollar (EUR/USD), with greater gains of 0.6% against the Indian Rupee (EUR/INR) and the South African Rand (EUR/ZAR) also being recorded.
Although this rallying state is obviously welcomed by investors, it nonetheless comes at a time where only seasonal circumstances have enabled it. The initiator of this uptrend has been economic data from the Netherlands, where despite December Business Confidence falling from 4 points to 3, the Q3 Final annual GDP Growth Rate has supportively risen from 1.8% to 1.9%.
GBP/EUR, USD/EUR Exchange Rates on the Rocks Today after Disappointing Domestic Releases
The Pound Sterling (GBP) has fallen by -0.4% against the Euro (GBP/EUR) today and has printed other losses of -0.5% against the Swedish Krona (GBP/SEK) and -0.6% against the Australian Dollar (GBP/AUD). This poor faring for Sterling against the Euro is largely a repeat of events earlier in the week.
Sterling has experienced limited movement so far today, mainly as a result of the only UK release declining to miss forecasts. The BBA Loans for House Purchases in November have fallen from a prior 45463 to 44960 today, instead of rising to 46000 as predicted.
The US Dollar (USD) has slipped by -0.5% against the Euro (USD/EUR) today, with additional losses of -0.4% against the Polish Zloty (USD/PLN), -0.5% against the Japanese Yen (USD/JPY) and -0.6% against the Australian Dollar (USD/AUD).
No US releases have come out yet today, therefore investors have instead had to rely on yesterday’s flatlining November Durable Goods Orders and stagnant annual Core Personal Consumption Expenditure for the same month.
EUR, GBP, USD Exchange Rate Forecast: US Jobless Claims Ahead, Further Results due Next Week
The US Dollar (USD) will be driving exchange rate movement today, as the US Initial Jobless and Continuing Claims figures for mid-December are due this afternoon. Along with this, the Baker Hughes Rig Count number will also be revealed. At the time of writing, forecasts were for a positive decline in both variants of the claims data.
In the post-Christmas period, the Euro will have a say on Sunday when the German monthly and yearly November Import Price Indexes come out; at the time of writing, no forecasts had been made for the outcome. Another Euro release will come out on Monday in the form of additional German Retail Sales results for November. In between this and Wednesday, further US releases are due.
The first post-Christmas UK economic publication will be out on Wednesday, in the form of the December Nationwide House Prices.
Current EUR, GBP, USD Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7362, the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3587, the Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0959, the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9124, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.4888 and the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6720 today.