The Pound Sterling to Euro (GBP/EUR) exchange rate has trended in a tight range so far today, with the UK currency’s appeal fluctuating on the most recent economic announcements.
Daily Currency News: Global Tax Scandal may have Unsettled Sterling Appeal
The Pound (GBP) has been generally unsettled against the Euro (GBP/EUR) and others today, with losses consisting of -0.4% against the Indian Rupee (GBP/INR) and -0.6% against the Mexican Peso (GBP/MXN) and gains including 0.8% against the Australian Dollar (GBP/AUD) and 1.5% against the Russian Ruble (GBP/RUB).
The latest Pound Sterling movement has come from the Markit/CIPS construction PMI for March, which remained at 54.2 against forecasts of a decline.
Other factors affecting the Pound have been the recent leak of tax haven and evasion information on a global scale; among the apparently guilty parties are UK individuals and companies, which HMRC has expressed an interest in investigating.
Elsewhere, the UK’s damaged steel industry continues to drag on investor interest, as the greatest piece of progress has been the rumour that Russian or Brazilian buyers may have expressed an interest in the flagging Port Talbot steelworks.
Euro (EUR) Flops Overall as Poor Results Diminish Unemployment Rate Outcome
The Euro (EUR) has been on a downtrend overall today, with losses stemming chiefly from the earlier Eurozone domestic data.
This primarily consisted of the Sentix score of investor confidence in April, as well as the producer price indices for February. In both cases, less-than-desirable outcomes were recorded.
Such was investor dissatisfaction that even a drop in the February unemployment rate from 10.4% to 10.3% failed to boost the Euro’s appeal.
Single currency losses today have included -0.2% against the US Dollar (EUR/USD) and the Pound Sterling (EUR/GBP) and -0.6% against the Indian Rupee (EUR/INR), while gains have included 0.8% against the Australian Dollar (EUR/AUD).
Future Forecast: UK PMI Stats due Tomorrow, along with Glut of Eurozone PMIs
The economic news of the near-future for the UK and the Eurozone is set to be focused heavily on purchasing managers’ indexes (PMIs), with both currency zones releasing their data for March tomorrow morning.
In the UK’s case, the services and composite stats are expected to rise in both instances, while for the Eurozone, the finalised composite and services contributions are broadly expected to remain the same as their preliminary estimates.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2509 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7995 today.