Pounds to Euro Exchange Rate Today - GBP EUR Touches Off New 16-Month High, GBP AUD Trades Lower, GBP USD Steady

Published: Tuesday, 10 January 2012 09:14 BST - Written by Tim Boyer

STORY LINK Pounds to Euro Exchange Rate Today - GBP EUR Touches Off New 16-Month High, GBP AUD Trades Lower, GBP USD Steady

The Pound Euro exchange rate (GBP EUR) is 1.2115. The Pound Dollar exchange rate (GBP USD) is 1.5466. The Pound Australian Dollar exchange rate (GBP AUD) is 1.5007.

Last night saw the release of the latest Quarterly Survey of the UK economy from the influential British Chambers of Commerce business organisation.

The report suggested that there is a good chance that the UK’s economy will not experience two consecutive quarters of non-positive growth during 2012, thereby avoiding a double-dip recession. The report provided some rare reason for optimism for investors holding Sterling-denominated assets, many of whom will have been expecting Britain’s delicate economy to once again experience contraction this year.

There was further good news for Sterling last night with the release of the British Retail Consortium’s Like-For-Like sales figures for December. The key number showed a growth in shop sales of 2.2% for last month, beating analysts’ expectations of an expansion of only 0.5%.

On a busy night for UK data, the RICS House Price Balance figure for December was also released, coming out at -16%, slightly better than the contraction of 19% which had been anticipated.

Elsewhere, the European debt crisis and the widespread austerity measures which it has, brought continue to weigh heavily on the global economic picture, as evidenced by Chinese export data which was released overnight. The export growth figure for December came out at an annualised 13.4%, against November’s counterpart figure of 13.8%. The slowdown in export growth in the world’s second-largest economy was blamed by China's Vice Commerce Minister Zhong Shan on weaker demand from troubled European economies.

Continued concerns over Europe’s debt crisis saw the GBP EUR exchange rate break to a new 16-month high of 1.2163 during yesterday afternoon’s session. There is potential for further upside during today’s session for the pair, particularly given the positive tone of UK data releases overnight.


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