After German growth data met with forecast figures, the Pound Sterling to Euro (GBP/EUR) exchange rate softened by around -0.11%. Sterling, meanwhile, is holding relatively steady as traders await housing data due later on Tuesday morning.
The Pound Sterling to Euro exchange rate is currently trending in the region of 1.2609.
Tuesday’s European data has printed positively, allowing the single currency to gradually advance against many of its most traded peers. Non-seasonally adjusted German Gross Domestic Product saw a third-quarter growth of 1.2%, in line with the median market forecast.
Earlier…
After a YouGov poll showed that support for the UK Independence Party is relatively unchanged despite their recent by-election victory, the Pound Sterling to Euro (GBP/EUR) exchange rate has advanced by around 0.10%.
The common currency, meanwhile, has rebounded from Friday’s losses as a result of better-than-expected German data.
The Pound Sterling to Euro exchange rate is currently trending in the region of 1.2642.
British Pound Exchange Rate Advances on YouGov Poll
Monday has seen the Pound strengthen against the majority of its most traded currency rivals. This can be attributed to a YouGov poll which shows the party leader Nigel Farage to have exaggerated the impact of the recent Rochester by-election victory. ‘The latest polling by YouGov for the Sunday Times shows little change in national voting intentions with six months to go. It has Labour and the Tories tied on 33 per cent with Ukip on 16 per cent and the Lib Dems on seven per cent,’ stated Don Brind writing for theweek.co.uk.
‘Their [Ukip’s] polling, in the low- to mid-teens, is only marginally up on 12 months ago and is of a level that would not return a significant number of seats at a general election given their vote distribution,’ stated David Herdson of Political Betting.
The Pound Sterling to Euro exchange rate has fallen to a low today of 1.2598.
Euro Exchange Rate Recovers on German Data
After European Central Bank President Mario Draghi reiterated his willingness to expand quantitative easing, the Euro slumped against all of its major peers. However, Monday has seen the single currency recover against many of its rivals thanks to better-than-anticipated German data.
German IFO Business Climate, Current Assessment and Expectations all improved upon previous figures despite the market consensus of a declination in each publication.
Pound to Euro (GBP/EUR) Exchange Rate Forecast to Trend Higher
The positive German data has not only aided a Euro uptrend, but has bolstered the Pound as well. With an absence of domestic data to curb the trend, the GBP/EUR exchange rate is likely to continue trending higher.
The Pound Sterling to Euro exchange rate has reached a high today of 1.2647.
Euro (EUR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Euro,
,US Dollar,1.2415,
Euro,,Canadian Dollar,1.3972,
Euro,,Pound,0.7916,
Euro,,Australian Dollar,1.4407,
US Dollar,,Euro,0.8052,
Canadian Dollar,,Euro,0.7153,
Pound Sterling,,Euro,1.2630,
Australian Dollar,,Euro,0.6940,
[/table]
