Pound Sterling to Euro Exchange Rate ? GBP EUR Gains Following Record Eurozone Unemployment Figure

February 1, 2012 - Written by Frank Davies

STORY LINK Pound Sterling to Euro Exchange Rate ? GBP EUR Gains Following Record Eurozone Unemployment Figure

The Pound Euro exchange rate (GBP EUR) is 1.2043. The Pound Dollar exchange rate (GBP USD) is 1.5760. The Pound Australian Dollar exchange rate (GBP AUD) is 1.4846. The Sterling Rand currency rate (GBP ZAR) is 12.30107. The Sterling Lira exchange rate (GBP TRY) is 2.79979.

There was further bad news for the eurozone during yesterday’s session in the currency markets, with the release of unemployment figures which showed that joblessness in the region hit 10.4% by the end of December, 2011 - its highest level since the instigation of the single currency in 1999.

The weak labour market data caused market participants to shift out of the euro, sending Europe’s single currency weaker against the Pound and the US Dollar, on the day. Greece’s protracted talks with its creditors continued to rumble on without yielding a positive conclusion during yesterday’s session, adding to the downside pressure on the euro.

The New Zealand Dollar (NZD) was the best performing currency on the day yesterday, as appetite for risk continued to seep back into the market. This sent the Sterling NZ Dollar (GBP NZD) exchange rate down to an intraday low of 1.9007, the pair‘s lowest level since last September. A break below the key 1.9000 level would bring the multi-decade low of 1.8546 into view once again.

Elsewhere, rumours regarding central bank interventions circulated amongst market participants, as the yields on Portuguese and Greek bonds headed lower following Monday’s peaks. This led analysts to suggests that the European Central Bank is once again buying up the bonds of debt-addled European states. Meanwhile, the EUR CHF exchange rate came under heavy scrutiny as it slipped to 1.2033 on the day. The Swiss National Bank has pledged to maintain the Euro to Swiss Franc exchange rate (EUR CHF rate) at above a self-imposed floor of 1.2000, leading hordes of speculators to take long positions on the pair in anticipation of a major sell-off of Francs by Switzerland’s central bank.


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