The Pound Sterling to Euro (GBP/EUR) exchange rate rose slightly today as UK and Eurozone data releases both fell short of expectations.
Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Pound Sees Mixed Performance Going into Weekend
The Pound Sterling (GBP) has gained by a marginal 0.1% against the Euro (GBP/EUR) today, after the UK June yearly and monthly Construction Output figures showed growth of 2.6% and 0.9% respectively. Despite this positive news for the UK economy, these results fell short of expectations, which were for a 3.3% increase for the former figure and a 2% rise for the latter.
The Pound rose by over 0.5% against the Singapore Dollar (GBP/SGD) and the South African Rand (GBP/ZAR) today and improved on these gains with a 0.7% increase against the Turkish Lira (GBP/TRY). Elsewhere, the Pound fell by over -0.4% against the Indian Rupee (GBP/INR) and the Israeli New Shekel (GBP/ILS).
Euro to Pound Sterling (EUR/GBP) Exchange Rate Declines Incrementally as Greek Bailout Proposal Heads for Brussels
The Euro (EUR) has fallen by -0.1% against the Pound Sterling (EUR/GBP) today; elsewhere, the common currency stabilised following yesterday’s dive, but its performance has been middling overall. This comes after the Eurozone GDP saw overall growth of 0.3% in the last quarter; as with the UK data, this was positive for the respective economy, but the figure again fell below expectations, which were for a 0.4% rise. The Greek bailout negotiations managed to pass through Greece’s parliament today, after an over 7-hour session saw countless objections to the terms of the bailout come from within Prime Minister Alexis Tsipras’ own party.
The Euro fell by -0.5% against the Indian Rupee (EUR/INR) today, but saw a gain of 0.2% against the Polish Zloty (EUR/PLN) and a 0.4% rise against the South African Rand (EUR/ZAR).
Pound Sterling to Euro Exchange Rate Forecast: Seal of Approval from Brussels may not Inspire Single Currency Rally
As today’s major data releases have already taken place for the UK and the Eurozone, the only remaining event today is the agreement to the Greek bailout in Brussels. While an agreement seems likely, it is by no means guaranteed. Germany has been a particularly strong objector to the terms of the arrangement, although German ministers have denied an overall rejection to the proposal.
Even if an agreement is reached today, it may not inspire confidence in the Euro, as a recent report published by the European Commission, the European Central Bank (ECB) and the Eurozone Bailout Fund estimated that Greece’s debt-to-GDP ratio will peak at 201% next year.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3989 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7151 today.