The Pound Sterling Exchange Rate was in the region of 1.1594 against the Euro as of 09:46 am
Yesterday the Pound slumped to a seven-month low against the US Dollar, despite UK home prices increasing in February.
Concerns for the UK’s economic recovery have been wearing on the currency lately, but comments released by a Bank of England policy maker were largely responsible for yesterday’s Sterling declines.
The policy maker in question, Martin Weale, proposed that ‘high levels of uncertainty and a reluctance to take on new risks have stood in the way of exporters seeking new markets and domestic producers doing what is needed to displace imports […] we may see further benefits of the depreciation.’
However, despite the potential pros of a softer Pound, Sterling was able to secure modest advances against two of its currency rivals this morning.
The British currency edged away from its seven-month low against the US Dollar and climbed slightly against the Euro on the expectation that tomorrow’s UK employment report will show improvement.
According to surveyed economists, this latest data will show that jobless claims fell in January by 5,500 from the previous month.
If accurate this decline will be the third in a row, following December’s drop of 12,100 which took the jobless claims level to the lowest since June 2011.
Despite the possibility of this positive UK indicator the Pound did slide against its Australian counterpart as the latter currency broadly strengthened following the publication of the Reserve Bank of Australia’s meeting minutes. In the minutes the RBA stated that an improved global outlook had led to certain commodities, such as coal, iron ore and crude oil, experiencing a price increase.
Developments in the Eurozone could also cause Sterling movement today. If the highly volatile German and Eurozone ZEW economic sentiment surveys indicate another setback in the currency-bloc’s recovery the Euro could slide against several of its most traded peers, including the Pound.
Current GBP Exchange Rates
The Pound Sterling to Euro exchange rate is currently trading at 1.1594
The Pound Sterling to US Dollar exchange rate is currently trading at 1.5486
The Pound Sterling to Australian Dollar exchange rate is currently trading at 1.4979
The Pound Sterling to New Zealand Dollar exchange rate is currently trading at 1.8315
The Pound Sterling to Canadian Dollar exchange rate is currently trading at 1.5673
The Pound Sterling to Emirati Dirham exchange rate is currently trading at 5.6877
The Pound Sterling to Swiss Franc is currently trading at 1.4299
The Pound Sterling to Japanese Yen exchange rate is currently trading at 144.9600
These exchange rates were correct as of 09:46 am
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