Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast: Sterling Soars as Eurozone Losses Outweigh Pound’s Declines
The Pound Sterling to Euro (GBP/EUR) exchange rate has made major gains today, while in most other pairings the UK currency has risen to the occasion against the odds.
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GBP/EUR Exchange Rate News: Dismal UK Production Stats Fail to Halt Sterling’s Rally Today
The Pound’s (GBP) myriad gains today are somewhat miraculous, given that the morning’s industrial and manufacturing production results for December all provided negative outcomes. A possible boost has been the declaration from Bank of England (BoE) Deputy Governor Jon Cunliffe that the BoE could step in if lending gets out of hand.
Sterling’s movement today is, by comparison, an improvement on its faring a week ago.
Euro (EUR) Slides on Domestic Data Disaster This Morning
Circumstances have been especially poor for the Euro (EUR) today, with the single currency sliding due to the announcement of falling French and Italian Industrial Production results, as well as rising Portuguese Q4 Unemployment and a widening December trade balance deficit.
The Euro has tanked today, making losses of -0.7% against Pound Sterling (EUR/GBP), -0.8 against the Australian Dollar (EUR/AUD) and -1.2% against the South African Rand (EUR/ZAR).
GBP/EUR Exchange Rate Forecast: UK GDP Estimate Ahead
With all of the morning’s UK and EU economic publications now out, it only remains for this afternoon’s National Institute of Economic and Social Research (NIESR) GDP estimate for January to be announced.
Looking further ahead, tomorrow morning will see the announcement of the UK’s RICS House Price Balance for January, although no truly impactful Eurozone publications are scheduled to come out. The RICS prediction is for an increase from 50% to 52%.
Current GBP, EUR Exchange Rates
The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2900 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7752 today.