After a yo-yo morning for the Pound the British currency recorded gains against the Euro and US Dollar after the release of concerning news from the Netherlands.
The Pound Sterling Exchange Rate was in the region of 1.5199 against the US Dollar as of 13:25 am
13:25 pm Update: Further to our earlier report the Pound was able to climb against both the Euro and the US Dollar after the Netherland’s revealed that its deficit would be in breach of EU limits for the next two years.
After the announcement the Euro broadly softened, despite earlier data revealing a surprising decrease in German unemployment.
Sterling climbed by 0.4 per cent against the common currency, lessoning its monthly decline for February to 0.8 per cent.
The Pound is now in line for a 4.2 per cent monthly drop against the safe-haven US Dollar after gaining a modest 0.3 per cent.
A currency analyst with Monex Europe Ltd asserted: ‘Sterling is going to pick up again as a safe haven as we see more worries about the Euro region.’
Eimear Daly continued: ‘People may also be thinking that the UK situation isn’t as bad as they expected. I do see some more Sterling strength coming back into the picture.’
Daly went on to forecast that Sterling will be trading in the region of 84 pence per Euro and 1.53 against the US Dollar before the end of March.
Earlier today we reported that a measure of UK consumer confidence, compiled by social researcher GfK NOP Ltd, held the 3 point gain recorded in January despite trying economic conditions.
The sentiment index held at minus 26 this month and as the Managing Director of GfK stated: ‘While an unchanged figure may not seem very good news, the maintenance of all of last month’s 3-point gain is encouraging. Consumers may be regaining their breath.’
Several pieces of UK data, including Manufacturing PMI and Mortgage approvals, could trigger Sterling movement tomorrow.
Current GBP Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate is currently trading at 1.1577
The Pound Sterling to US Dollar (GBP/USD) exchange rate is currently trading at 1.5170
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is currently trading at 1.4826
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate is currently trading at 1.8301
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate is currently trading at 1.5598
The Pound Sterling to Japanese Yen (GBP/JPY) exchange rate is currently trading at 140.2000
These exchange rates were correct as of 13:25 am
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