Euro to Pound REVIEW - EUR GBP Exchange Rate Weekly News, Predictions & Forex Forecasts 2015

October 12, 2014 - Written by Tim Boyer

STORY LINK Euro to Pound REVIEW - EUR GBP Exchange Rate Weekly News, Predictions & Forex Forecasts 2015

The British Pound (GBP) retreated last week against a number of major peers including the Euro (EUR) and US Dollar (USD) after UK Business Secretary Vince Cable and the IMF both said that the currency is overvalued by 10%-15%.

The comments added to the previous weeks made by Bank of England Deputy Governor Ben Broadbent.

The latest EUR rates can be seen below:

The Euro to Australian Dollar exchange rate today is converting -0.13 per cent higher at 1.45215 EUR/AUD.
The Euro to Canadian Dollar exchange rate is -0.06 pct higher with a conversion rate of 1 EUR equals 1.41356 CAD.
The Euro to Pound exchange rate today is converting +0.02 per cent lower at 0.78576 EUR/GBP.
The Euro to New Zealand Dollar exchange rate today is converting -0.11 per cent higher at 1.61436 EUR/NZD.
The Euro to US Dollar conversion rate is -0.03 pct higher at 1.26251 EUR/USD.

Don't forget if you are waiting to find the best exchange rate for a currency transfer, then you're best bet is to set up your future rate order with a foreign exchange broker!

Euro Weakens Versus the Pound and the US Dollar

The Euro weakened against several major peers after a report showed that German factory orders plunged to the lowest level seen since 2009, adding to growing concerns over the state of the Eurozone economy. The poor figure was being blamed on the conflict in eastern Ukraine.

Deteriorating confidence is also undermining a rebound in Germany’s economy from a second-quarter slump.

The Pound regained ground against the US Dollar and Euro on Tuesday as investors awaited the release of the latest Manufacturing and Industrial Production data. After the data was released, the currency came under pressure after industrial production stagnated at 0%, countering that however was a 3.9% expansion in the manufacturing sector.

The Euro meanwhile declined against most major peers on Tuesday as economic data released early in the session showed that industrial production in Germany fell more than forecast in August. Production tumbled by 4%, the biggest decline since 2009. The poor data added to the previous session’s dire German factory orders data and further increased concerns that the Eurozone is sliding back towards recession.

The Pound vs Euro was weaker on Thursday after the Bank of England chose to leave interest rates unchanged at 0.5%.

Economists raised their bets that policy makers would be shown to more dovish due to a run of soft economic data releases in the next minutes release due in two weeks time.

Economists are forecasting that the majority of BoE policy makers voted in favour of keeping rates unchanged.

The Euro vs Dollar (EUR/USD) advanced due to the dovish Federal Reserve minutes but remains under pressure from data releases earlier in the week.

As the week ended, the Pound was softer against the US Dollar and Euro as domestic data showed that UK house prices grew at their slowest pace in 10 months in September. Construction data also disappointed. The softer data adds to concerns that the UK economy is slowing down.

The Euro declined for the first time in four days against the US Dollar but held onto gains against the Pound after European Central Bank President Mario Draghi pledged to expand stimulus measures and called for more reforms across the Eurozone. His comments eased some of the concerns over the deteriorating situation in the region.

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TAGS: Currency Predictions Daily Currency Updates Euro Forecasts