Pounds to Euro Exchange Rate Today - GBP AUD Heads Downwards, EUR USD Exchange Rate Holds Close to 15-Month Low

Published: Tuesday, 3 January 2012 08:55 BST - Written by Ben Hughes

STORY LINK Pounds to Euro Exchange Rate Today - GBP AUD Heads Downwards, EUR USD Exchange Rate Holds Close to 15-Month Low

The Pound Euro exchange rate (GBP EUR) is 1.1994. The Pound Dollar exchange rate (GBP USD) is 1.5570. The Pound Australian Dollar exchange rate (GBP AUD) is 1.5127.

The Euro has started the New Year under heavy selling pressure as fears persist about its continuance in its current format.

These fears were stoked by the overnight release of a report by leading UK accountancy firm, Deloitte, which observed that the business community remains ‘unconvinced’ by Eurozone policy-makers’ strategy for dealing with the ongoing debt crisis in the region. The report went on to conclude that there was a considerable chance that at least one of the current 17 member states would stop using the Euro by the end of this year.

Meanwhile, fears over the effect that stringent austerity measures are having on the Eurozone’s real economy were heightened yesterday with the release of the latest Markit PMI manufacturing survey yesterday, which showed that the region’s key manufacturing sector remains in contraction for the fifth month in succession.

The GBP EUR exchange rate has remained close to the 12-month high of 1.2044, which it reached just before Christmas. The Euro has performed equally poorly against the US Dollar and is currently holding below the key 1.3000 level, close to last week’s 15-month low of 1.2858.

Elsewhere, the high-yielding currencies have performed creditably over the Christmas period, with the GBP AUD, GBP NZD and GBP ZAR rates all heading lower on improved global appetite for risk.


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