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Pound, Euro & Dollar Exchange Rate Forecasts Today - GBP EUR Recovers, GBP USD Holds Gains

October 15, 2014 - Written by John Cameron

The UK pound to Euro (GBP vs EUR) rate recovers on today's foreign exchange rate markets. The Sterling's rally against the US Dollar (USD) over below forecast US retail sales comes to an end



pound to euro and us dollar exchange rate forecast todayThis morning’s news from the Office of National Statistics that the overall level of British unemployment dropped to below the two million level for the first time in nearly six years was not enough for the Pound Sterling (currency:GBP) to gain any ground against the euro (currency:EUR) on the day.

The Pound euro exchange rate (GBP/EUR) fell to as low as 1.2467 on the day as investors continued to factor-in yesterday’s unexpected low reading for September’s UK Consumer Price Index data.

So where does the Pound and Euro sit on today's forex markets?

- The pound to euro exchange rate today is -0.71 per cent lower at 1.24807 GBP/EUR.
- The pound to dollar exchange rate is +0.8 per cent higher at 1.60176 GBP/USD.
- The euro to pound exchange rate is +0.72 per cent higher at 0.80124.
- The euro to dollar exchange rate today is +1.52 per cent higher at 1.28339.

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German CPI Inflation Data Helps Euro to Pound Rate Today


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The day had started with a rare piece of positive news for the single currency with the publication of the latest set of German CPI inflation numbers.

Many analysts had been talking up the chances of a drop from August’s showing of 0.8%, but the result showed no change and the euro enjoyed some support as a consequence.

The suggestion that the slowdown in the decrease in the rate of German price rises is now running out of momentum is likely to favour the euro moving forward.

The news has lead may analysts to suggest that the GBP EUR has now reached its near-term peak and will fail to breach the 1.3000 threshold in the short-to-medium term.

Move Higher For Euro vs Dollar Hits GBP EUR Exchange Rates

An additional factor assisting the euro on the day today has been this afternoon’s highly disappointing US Advance Retail Sales data which printed at -0.3% versus an anticipated -0.1%.

The development suggests that the US Federal Reserve may not now be able to increase American interest rates until well into 2015.

The Buck weakened as a result, sending the euro vs Dollar up by over 1% on the day, with the pair touching 1.2887 EUR USD earlier.

One of the side effects of this Dollar weakness was an attendant strengthening of the single currency and it was this, as much as anything else, which sent GBP EUR significantly lower on the day.

Douglas Borthwick, head of foreign exchange at Chapdelaine & Co explained that it, ‘looks like the hot potato of bad data has been passed from Germany to the United States.

The market was so convinced that strong dollar was going to be the next move.’

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