Pounds to Euro Exchange Rate Today - GBP USD Heads Upwards, GBP EUR Exchange Rate Breaks To New 11-Month High
21 Dec 2011 at 6 AM - Written by John Cameron
The Pound Euro exchange rate (GBP EUR) is 1.1943. The Pound Dollar exchange rate (GBP USD) is 1.5670. The Pound Australian Dollar exchange rate (GBP AUD) is 1.5407.
Swedish policy-makers caused ripples in the currency markets yesterday when they surprised investors by cutting Sweden’s key lending rate from 2.00% to 1.75%. The accompanying commentary from Sweden’s lender of the last resort, the Riksbank, placed the blame for the easing of its domestic monetary policy firmly at the door of Eurozone officials.
Sweden’s fortunes are inextricably linked to those of its major trading partner - Europe. Riksbank officials stated that they had been forced to ease monetary policy because of the Eurozone’s weak economic performance of recent months, which in turn was having a, ’dampening effect on the Swedish economy’.
Yesterday’s session had started promisingly for the Euro, following a better-than-expected uptake of short term Spanish bonds in the latest Madrid auction. The troubled Iberian state managed to raise some €5.6bn via the auction at significantly lower yields than at November’s counterpart auction, suggesting that the market is responding well to recent comments from Spain’s Prime Minister in waiting, Mariano Rajoy, who affirmed his commitment to cutting the country’s mammoth deficit earlier this week.
There was more encouraging news for investors holding Euros yesterday morning when December’s Ifo German Business Sentiment survey showed its biggest increase since last February. However, the positive news from Europe’s powerhouse economy was not enough to stop the Euro coming under more selling pressure on the day, sending the GBP EUR exchange rate spiralling towards 1.2000 late on in the European afternoon session. The GBP EUR rate peaked at a new 11-month high of 1.1991.
For other live currency exchange rates and a currency converter see the currency news website.
Pounds to Euro Exchange Rate Today - GBP USD Heads Upwards, GBP EUR Exchange Rate Breaks To New 11-Month High
Swedish policy-makers caused ripples in the currency markets yesterday when they surprised investors by cutting Sweden’s key lending rate from 2.00% to 1.75%. The accompanying commentary from Sweden’s lender of the last resort, the Riksbank, placed the blame for the easing of its domestic monetary policy firmly at the door of Eurozone officials.
Sweden’s fortunes are inextricably linked to those of its major trading partner - Europe. Riksbank officials stated that they had been forced to ease monetary policy because of the Eurozone’s weak economic performance of recent months, which in turn was having a, ’dampening effect on the Swedish economy’.
Yesterday’s session had started promisingly for the Euro, following a better-than-expected uptake of short term Spanish bonds in the latest Madrid auction. The troubled Iberian state managed to raise some €5.6bn via the auction at significantly lower yields than at November’s counterpart auction, suggesting that the market is responding well to recent comments from Spain’s Prime Minister in waiting, Mariano Rajoy, who affirmed his commitment to cutting the country’s mammoth deficit earlier this week.
There was more encouraging news for investors holding Euros yesterday morning when December’s Ifo German Business Sentiment survey showed its biggest increase since last February. However, the positive news from Europe’s powerhouse economy was not enough to stop the Euro coming under more selling pressure on the day, sending the GBP EUR exchange rate spiralling towards 1.2000 late on in the European afternoon session. The GBP EUR rate peaked at a new 11-month high of 1.1991.
For other live currency exchange rates and a currency converter see the currency news website.
TAGS: Daily Currency Updates Euro Forecasts Pound Euro Forecasts Pound Sterling Forecasts
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