Pound Sterling (GBP) has trended in a narrow range against the Euro (GBP/EUR) this morning, having likely been put in this position by recent comments from European Central Bank (ECB) President Mario Draghi.
Strong Case Made for March ECB Stimulus Measures, says Economist
The Euro’s (EUR) biggest impactor so far today has been a fairly dynamic speech from Draghi, who has given an aggressive defence of his organisation’s policies, something that has prompted Pictet economist Frederick Ducrozet to identify March as the earliest time for a likely ECB quantitative easing policy shift.
Earlier…
Pound Sterling (GBP) has risen to 0.6% against the Euro (GBP/EUR) today, something likely caused by the relative lack of heavy questioning in the House of Commons over the UK Referendum.
Corbyn’s Avoidance Implies Agreement with Referendum Terms, GBP Appreciates on Stability
Although Leader of the Opposition Jeremy Corbyn has held the opportunity to grill the PM on the recent UK Referendum draft, Corbyn has mainly avoided the topic to focus on cancer care in the UK.
While observers were likely champing at the bit for a confrontation between the PM and his counterpart, Corbyn’s focus on other matters suggests that the draft has met with the opposition leader’s approval, which reduces the likelihood of David Cameron facing an uphill struggle to justify the terms, at least to the opposition party.
Earlier…
The Pound Sterling (GBP) has made a minimal gain against the Euro (GBP/EUR) today, something mainly caused by the recent Eurozone ecostats disappointing common currency (EUR) investors.
Worse-than-Forecast Results Destabilise Euro (EUR) This Morning
The current state of decline recorded for the Euro (EUR) is likely the result of the recent January composite and services PMIs for the currency bloc, which have hit lower results than expected for the Italian and French contributions so far.
Earlier…
The Pound Sterling (GBP) has made a loss of -0.6% against the Euro (GBP/EUR) today, something likely triggered by the extended reactions that have been had over the UK draft referendum.
PMIs for UK and Eurozone Scheduled for Release Tomorrow Morning
Both the Pound (GBP) and the Euro (EUR) are expected to be moved tomorrow morning by PMI results for the Composite and Services fields; the UK’s Services score is expected to be particularly key to GBP movement as Services are one of the largest contributors to the UK’s economic growth.
Earlier…
The Pound Sterling to Euro (GBP/EUR) exchange rate has been in a state of decline so far today, during a momentous time for the UK Referendum campaign. The Euro (EUR) has conversely been progressively gaining against the competition due to unemployment statistics.
GBP/EUR Exchange Rate News: Pound Levels Out as Referendum Document is Scrutinised
The Pound Sterling (GBP) has largely slumped against its competitors today, having either declined or been range bound. The main reason behind this undesirable movement is the recently released draft of the UK Referendum conditions, which has provoked optimistic and pessimistic reactions on both sides of the campaign divide.
EU Scrutiny Committee Chairman Bill Cash has stated that ‘I expected it to be as bad as it is [and it is] a minimal package’. By contrast, Britain Stronger in Europe Chair Lord Rose has argued that ‘These are significant proposals – a fairer deal on immigration, ensuring that EU citizens can’t take from the British benefit system until they have paid in for four years, giving national parliaments the power to block EU legislation so that Brussels can’t dictate to Britain and protections for our economy from Eurozone countries’.
Pound Sterling movement today has included -0.2% against the Euro (GBP/EUR), -0.4% against the Romanian Leu (GBP/RON), 0.8% against the Australian Dollar (GBP/AUD) and 2.6% against the Russian Ruble (GBP/RUB).
Euro (EUR) Soars as Unemployment Boon Continues to Encourage Investors
The Euro (EUR) has made a number of advances today, with the primary cause being the outcome of both Germany’s and the Eurozone’s Unemployment Rate results for January. Against joint forecasts of stagnation, the reality has seen the former rate fall from 6.3% to 6.2% and the latter supportively reduce from 10.5% to 10.4%.
Among the gains seen for the Euro today have been rises of 0.2% against Pound Sterling (EUR/GBP), 1% against the Australian Dollar (EUR/AUD), 1.1% against the New Zealand Dollar (EUR/NZD) and 1.4% against the South African Rand (EUR/ZAR).
GBP/EUR Exchange Rate Forecast: Further Referendum Document Analysis Expected Today
With most of the high impact UK and Eurozone data of the day now out, it remains for the Referendum draft to generate further movement in the GBP/EUR pairing after it is made publically available.
Looking further ahead, tomorrow morning will see the release of a spate of Eurozone Composite and Services PMIs for January, along with the UK’s variants for the same month. At the time of writing, forecasts were negative for the UK Composite and more impactful Services score.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.3215 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7570 today.
Comments are closed.