The Pound Sterling (GBP) has fallen by a small amount against the Euro (GBP/EUR) and by -0.3% against the US Dollar (GBP/USD) today, following the much-anticipated UK Q3 GDP results turning out to be a lame duck.
Pessimistic German Data to open Tomorrow’s GBP, EUR, USD Movement before Greater US Releases
With no UK data out tomorrow, the onus instead falls to the Eurozone and the US. News will come from the former first, with the negatively forecast German Gfk Consumer Confidence Survey for November and the German Import Price Indices for September both out in the morning. Later on, the US Advance Goods Trade Balance for September is out along with the high-impact Federal Open Market Committee (FOMC) Interest Rate Decision, which is widely expected to not change from 0.25%.
The Pound Sterling (GBP) has flatlined against the Euro (GBP/EUR) and made a 0.3% gain against the US Dollar (GBP/USD) today, following the release of some overly unsupportive UK data.
Tomorrow’s GDP Figures Likely to Trigger Major Movement for GBP/EUR and GBP/USD Pairings
The next piece of data due to shift the trinity will be tomorrow morning’s UK Q3 GDP data; at the time of writing, a decline from 0.7% to 0.6% was forecast for the quarterly result while no change at 2.4% had been predicted for the more impactful annual variant.
The Pound Sterling to Euro (GBP/EUR) and US Dollar (GBP/USD) exchange rates have both been relatively poor this morning, with respective minor rises and falls being recorded in the pairings.
GBP/EUR, GBP/USD Exchange Rate News: Scarcity of UK Data leaves Internal Politics in Focus
The Pound Sterling (GBP) has risen marginally against the Euro (GBP/EUR) and the US Dollar (GBP/USD) today, although elsewhere the Pound’s performance has been generally unfavourable. This has included drops of -0.4% against the Australian Dollar (GBP/AUD) and the Turkish Lira (GBP/TRY) along with a declines of -0.5% against the Hungarian Forint (GBP/HUF), although a rise of 0.5% against the South African Rand (GBP/ZAR) has also been seen and in most other pairings, the Pound has trended narrowly.
With no UK data out on Friday, today’s drop in the BBA Loans for House Purchases in September has destabilised the Pound. In other news, the House of Lords will be voting on whether or not to approve controversial Tory plans to cut the amount of tax credits received by low-income families. The move has also generated controversy due to the fact that the Upper House has historically been unable to influence finance-based motions, but given that the Lords hold the ability to delay or even nullify the planned cuts, many eyes are likely to be turned on the House of Lords today.
Common Currency (EUR) sees Middling Performance from German IFOs, US Dollar has similarly Low Faring
The Euro (EUR) has failed to make any headway today, with its small gains being cancelled out by equal losses. The former category has been made up of 0.2% against the Indian Rupee (EUR/INR) and 0.4% against the South African Rand (EUR/ZAR) along with a narrow trending against the US Dollar (EUR/USD), while the latter has contained drops of -0.3% against the Australian Dollar (EUR/AUD) and the Japanese Yen (EUR/JPY). The Euro has marginally declined against the Pound Sterling (EUR/GBP) today. This has come from Today’s German IFO surveys covering business confidence, which performed well on the Business Climate and Expectations but fell on the Current Assessment.
The US Dollar (USD) has echoed the performance of the other two trinity members today, rising by 0.3% against the South African Rand (USD/ZAR) but posting losses of over -0.3% against the Norwegian Krone (USD/NOK), the Japanese Yen (USD/JPY) and the Australian Dollar (USD/AUD). Against the Euro (USD/EUR) and the Pound Sterling (USD/GBP), the US Dollar has trended narrowly.
GBP, EUR, USD Exchange Rate Forecast: US Home Sales Due Out along with Minor UK CBI Figures
The Pound Sterling (GBP) has few high-impact releases left for today, with only the pessimistically forecast CBI Trends and Optimism results due later on. No major Eurozone results are left and the only notable US data out today concerns New Home Sales in September, which are forecast to be lower than previous figures.
Current GBP, EUR, USD Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3918, the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7192, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.5348, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6517, the Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1029 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9070 today.