The Pound Sterling (GBP) has risen by 0.3% against the Euro (GBP/EUR) today, but has conversely made marginal losses against the US Dollar (GBP/USD) on a key data day for the latter two currencies.
Eurozone CPIs to Decide GBP/EUR Exchange Rate for Immediate-Future, US Data could Upset Later on
Today’s biggest UK results, the Gfk Consumer Confidence Survey for September and the Q2 GDP Revision, have both come out negative for the Pound (GBP), therefore the next biggest factors in the trinity will be the Eurozone CPIs for September, although as of writing, little change had been predicted. Later on, the US Employment Change results for September and speeches from Fed officials Janet Yellen and James Bullard are due; hawkish tones will naturally bolster the US Dollar (USD) considerably.
The Pound Sterling (GBP) has dropped by -0.1% against the Euro (GBP/EUR) and by -0.2% against the US Dollar (GBP/USD) today, following the news that the Bank of England (BoE) is being investigated for suspicions of fraud regarding emergency auctions held at the beginning of the financial crisis.
Carney Speech may Halt Current Sterling Downtrend Tonight, UK Confidence Survey to Look Forward to
The Pound Sterling (GBP) has been significantly damaged today by the suspect-nature of the BoE, as a criminal investigation into such a crucial economic lynchpin to the UK economy would warrant. The Pound may be granted a reprieve later on when BoE Governor Mark Carney speaks; if Carney implies a UK interest rate hike is likely around the beginning of 2016, Sterling can be expected to climb, although the more grounded results of tomorrow such as the Gfk Consumer Confidence Survey for September which is forecast for a decline could burst any bubble Carney is able to conjure up.
The Pound Sterling to Euro (GBP/EUR) and Pound Sterling to US Dollar (GBP/USD) exchange rates have both risen today as the UK saw its first batch of economic publications released.
GBP/EUR, USD Exchange Rate News: UK Lending Data is Supportive Today, Sterling Appreciates Accordingly
The Pound Sterling (GBP) has risen by 0.2% against the Euro (GBP/EUR) and the US Dollar (GBP/USD) today; elsewhere, the Pound has seen similar gains against rivals. Distinctive results include a fall of -0.3% against the New Zealand Dollar (GBP/NZD) and the Norwegian Krone (GBP/NOK) and rises of 0.4% against the Romanian Leu (GBP/RON) and 1% against the Russian Ruble (GBP/RUB).
Today marks the proper economic start this week for the UK in terms of data releases; the UK Mortgage Approvals and Mortgage Lending figures have both risen, although the Net Consumer Credit result conversely dropped from 1.2bn to 0.9bn.
Common Currency (EUR) Fluctuates after German Imports Decline, USD Faces Repeated FOMC Woes
The Euro (EUR) has had an inconsistent performance today, making marginal gains in some areas but falling overall and posting -0.3% against the Pound Sterling (EUR/GBP), -0.6% against the New Zealand Dollar (EUR/NZD) and hitting a stalemate against the US Dollar (EUR/USD). This has mainly been caused by a disappointing result in the German Import Price Indices for August, which saw a -1.5% fall in the monthly result and a -3.1% fall for the annual figure.
The US Dollar (USD) has been reeling today, following the news that Federal Open Market Committee (FOMC) voting member Charles Evans is not supportive of a US interest rate hike until mid-2016 at the earliest. Evans’ bearish sentiment comes in stark contrast to his fellows recently, and the prospect of a divided FOMC ahead of October’s rate decision has done nothing to placate speculators.
The US Dollar (USD) has trended narrowly in the positive against the Euro (USD/EUR) today, but has seen the opposite against the Pound Sterling (USD/GBP) and fallen by -0.5% against the Indian Rupee (USD/INR), the South African Rand (USD/ZAR) and the Norwegian Krone (USD/NOK).
GBP/EUR, USD Exchange Rate Forecast: Eurozone and US Results to Take the Lead in Near-Future
The rest of the day will bring only the Confederation of British Industry (CBI) Reported Sales figures for September for the UK; forecasts are positive but as more significant announcements from the Eurozone and the US are due, any positive effect may be outweighed by other influencers.
These are primarily the German CPIs for September and the US Consumer Confidence score for September; declines are predicted in the former fields while for the latter, a drop from 101.54 points to 96 has been predicted.
Current GBP, EUR, USD Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3530, the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7390, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.5193, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6583, the Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1229 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8910 today.