The Pound Sterling to Euro (GBP/EUR) exchange rate has risen today thanks to an overall positive showing from the last set of UK results this week.
Exchange Rate News: GBP/EUR Rise Triggered by Unemployment Rate Result
The Pound Sterling (GBP) has advanced by 0.5% against the Euro (GBP/EUR) today, just one of a number of gains for the Pound against its rivals. Other rises have included 0.5% against the United Arab Emirates Dirham (GBP/AED), 0.6% against the Israeli New Shekel (GBP/ILS) and 0.7% against the Chinese Yuan (GBP/CNY). Losses have been similarly pronounced, with -0.4% against the Singapore Dollar (GBP/SGD) and -0.8% against the New Zealand Dollar (GBP/NZD) being seen.
The biggest influence on the Pound today has been the UK Jobless Claims Change for September, the Average Weekly Earnings for the three months to the end of August and the Unemployment Rate for the same period. Earnings have risen by 3%, Unemployment has dropped from 5.5% to 5.4% and in addition, the Employment Change has risen as predicted by 140k persons. However, the number of Jobless Claims failed to meet with predictions, rising by 4.6k instead of reducing by -2.2k.
Euro (EUR) Levels Out as only Eurozone Data Today Proves Disappointing
The Euro (EUR) has dropped by -0.4% against the Pound Sterling (EUR/GBP) today; against other rivals, the single currency has generally trended narrowly. Notable losses have included -0.3% against the Australian Dollar (EUR/AUD) and -1.2% against the New Zealand Dollar (EUR/NZD).
The main reason behind the Euro’s poor faring today has been the fact that the only notable results of the day, the Eurozone Industrial Production monthly and yearly figures for August, both failed to excite investors. The monthly result fell by -0.5% while the annual posting only reached 0.9%, half of the expected 1.8% growth.
Exchange Rate Forecast: Eurozone CPI Predicted to Move GBP/EUR Pairing on Friday
Although the week has ended early in terms of UK economic publications, a number of high-impact Eurozone data releases are still due before the weekend. Concentrated on Friday, these results contain most prominently the final Eurozone Consumer Price Indices for September, which had been predicted to confirm a rise in the base monthly and annual core postings but a fall in the base yearly result at the time of writing.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3468 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7426 today.