The Pound Sterling to Euro (GBP/EUR) exchange rate has declined by a small amount today, while in other pairings the Pound (GBP) has generally flopped against the competition.
GBP/EUR Exchange Rate News: 2016 Budget Goes Under the Microscope Today
The Pound (GBP) has not exactly been reeling in the wake of yesterday’s first UK Budget Announcement of the year, but has likewise not managed to recover losses recorded in the aftermath of the news.
Most notably, Chancellor George Osborne’s effective promise to get the UK out of a budget deficit and into a surplus in 2020 has come under the most scrutiny, with the BBC’s Political Editor Laura Kuenssberg stating: ‘There’s real scepticism that the miraculous turnaround from the red to the black in 2020 is achievable economically [and] some cynicism too that the timing of that is about the politics and his ambition’.
Pound movements so far today have included losses of -0.3% against the Euro (GBP/EUR), -0.8% against the Australian Dollar (GBP/AUD) and -1.1% against the Russian Ruble (GBP/RUB).
Euro (EUR) Movement Mixed Today ahead of Eurozone Inflation Data
The Euro (EUR) has made uncertain movement so far today, with losses of -0.3% against the Japanese Yen (EUR/JPY) and -0.6% against the Australian Dollar (EUR/AUD) being offset by gains of 0.3% against the Pound Sterling (EUR/GBP) and 0.6% against the US Dollar (EUR/USD).
The most recent Eurozone data out today has been fairly minimal in its impact, with the Dutch unemployment rate for February remaining at 6.5% against forecasts of a drop to 6.4%.
Elsewhere, Italy’s balance of trade result for January has shown a dramatic narrowing of the surplus from €6.02bn to €0.035bn.
GBP/EUR Exchange Rate Forecast: Eurozone Ecostats Set to Dominate Movement ahead of BoE Decision
The next big event to occur in the pairing will be the Eurozone balance of trade and inflation rate results, covering January and February respectively. At the time of writing, forecasts were for a reduction of the trade surplus and a negative shift for the base inflation rate on the month and the year.
Later today, the Bank of England (BoE) interest rate decision will be made and announced, along with the BoE’s minutes.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2672 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7892 today.