The Pound Sterling (GBP) has trended narrowly in a positive range against the Euro (GBP/EUR) and a negative range against the US Dollar (GBP/USD) today, mainly due to the Autumn Statement’s dissection by economists disheartening Sterling investors.
UK GDP and German Retail Sales results due to Cause Exchange Rate Movement Tomorrow
The next UK economic release will come tomorrow with the Q3 GDP figures (that are expected to reprint on previous results) and the Gfk Consumer Confidence Survey which is forecast to also repeat a prior result of 2 points.
The Euro (EUR) will be moved by the morning’s German Retail Sales figures for October, which were expected to decline on the month at the time of writing.
No US results are due until Monday.
The Pound Sterling to Euro (GBP/EUR) and Pound Sterling to US Dollar (GBP/USD) exchange rates have both been in a state of decline so far today, primarily because of a Treasury Select Committee Hearing on the Bank of England (BoE) Inflation Report.
GBP/EUR, GBP/USD Exchange Rate News: Pound Sterling Down as Carney Testimony Continues
The Pound Sterling (GBP) has trended narrowly in a negative range against the Euro (GBP/EUR) and the US Dollar (GBP/USD) today. This is mainly because BoE Governor Mark Carney is testifying to parliament over the BoE’s recent cutting of both growth forecasts and those for inflation. The most recent response from Carney has been that the BoE lacks true independence, with its monetary goals instead dictated by parliament.
The Pound has generally been struggling against rivals so far today, with a loss of -0.3% against the Japanese Yen (GBP/JPY) representing the worst of these losses. Against the soft Turkish Lira (GBP/TRY), the Pound has advanced by 0.5%.
Euro (EUR) Stabilised by Eurozone Confidence, US Dollar (USD) Soft after Fed Let Down
The Euro (EUR) has been trending at a stable level so far today, with yesterday’s mixed performance being balanced out by today’s signs of Eurozone confidence among consumers and investors. The German Q3 GDP results have repeated on previous figures, while the IFO German Business Climate, Current Assessment and Expectations for November have all risen above expectations.
The Euro has risen fractionally against the US Dollar (EUR/USD) today and gained by 0.2% against the South African Rand (EUR/ZAR) and the Pound Sterling (EUR/GBP) and 0.3% against the Polish Zloty (EUR/PLN).
The US Dollar (USD) has trended narrowly for the most part today, although no US data has been released yet. Instead, the lack of a noticeable impact from yesterday’s surprise Fed meeting on discount rates has disappointed investors and caused the US Dollar to level out against its rivals.
The US Dollar has fallen slightly against the Euro (USD/EUR) and risen marginally against the Pound Sterling (USD/GBP) today.
GBP, EUR, USD Exchange Rate Forecast: CBI Sales Figures and US GDP Results Today
All of the notable Eurozone economic publications have now been released today, therefore the onus of further movement in the GBP/EUR and GBP/USD exchange rates falls to the UK and the US. The last UK data release today will be the optimistically forecast CBI Reported Sales figure for November.
The US contribution to the exchange rate will come from the positively predicted Q3 GDP figures, along with Personal Consumption for the same period and Consumer Confidence in November. In all cases, forecasts are for growth in the US economy, with an increase from 97.6 points to 99.5 predicted for the Consumer Confidence index.
Current GBP, EUR, USD Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.4215, the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7038, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.5125, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6613, the Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0641 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9400 today.