- Single currency steady today despite lacklustre ecostats
- US-Europe trade deal promises to secure Eurozone stability in future
- Pound Sterling mixed over latest UK Referendum developments
- Domestic data shortages leave Wednesday as first major info day for both currencies
The Euro (EUR) has appreciated overall against its competitors today, with a recent shortfall in domestic data failing to dent the enthusiasm of investors so far.
The Pound (GBP) has been unsettled recently by UK Referendum news, which has threatened to undermine the positivity of Friday’s support for the ‘In’ campaign given by US President Barack Obama.
Eurozone Economic News: US Influence Continues to Expand as Euro (EUR) is Boosted by TTIP Acceleration
The Euro (EUR) has remained a safe bet against a majority of its peers today, having been supported by the most recent dialogues between Obama and German Chancellor Angela Merkel.
With the President’s tenure in office fast approaching its conclusion this year, the twice-elected leader is keen to tie up any loose ends before he leave the White House.
To the Euro’s benefit, this has included a statement from the President that:
‘Angela and I agree that the United States and the European Union need to keep moving forward with the Transatlantic Trade and Investment Partnership (TTIP) negotiations. I don’t anticipate that we will be able to have completed ratification of a deal by the end of the year, but I do anticipate that we can have completed the agreement.’
While a finalisation of the sometimes-controversial deal has been a long time coming, the announcements from both heads of state can only be beneficial, due to the prospect of adding billions in trade between Europe and the US.
In less stellar news, the German IFO surveys for April all served up disappointment, by either not rising by as much as hoped or falling on previous figures.
The Euro’s most notable movements today have included 0.2% against the Pound Sterling (EUR/GBP), 0.8% against the Canadian Dollar (EUR/CAD) and 1% against the South African Rand (EUR/ZAR).
Pound Sterling (GBP) Under Duress as Stakes are Raised again for ‘Brexit’
The Pound Sterling (GBP) has generally been underperforming against its peers today, although a few advances have been recorded against the other losses and narrow trade. This comes in the wake of more positive overall movement last week.
Positive outcomes have included 0.5% against the Canadian Dollar (GBP/CAD) and 1.2% against the South African Rand (GBP/ZAR), while losses have been made up of -0.3% against the Japanese Yen (GBP/JPY) amidst other lacklustre movements.
The most notable development for the UK today has come from ‘Out’ Co-Chair Michael Gove, who has claimed that remaining in the EU will put the UK at risk from innumerable migrants entering the country and damaging the NHS.
Additionally, Scottish First Minister Nicola Sturgeon has reanimated the spectre of a Scottish separation from the UK, by stating that a second independence poll is likely to be conducted in the event of a UK exit from the EU.
Future Eurozone and UK Forecast: ECB Speeches Ahead, along with UK Loans Stats
The near future will bring a series of speeches from European Central Bank (ECB) officials, both this afternoon and across the course of tomorrow.
For the UK, the only data release of note tomorrow will be the BBA loans for house purchase outcome for March, which is expected to show a rise from 45892 to 46500.
Current EUR, GBP Exchange Rates
The Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7792 and the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2834 today.
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