Euro to Pound Exchange Rate Today: Weekly EUR/GBP Report & Conversions

November 23, 2014 - Written by Toni Johnson

STORY LINK Euro to Pound Exchange Rate Today: Weekly EUR/GBP Report & Conversions

Our latest Euro (currency:EUR) exchange rate analysis in relation to the Pound (currency:GBP).

At the start of the week, the Euro was holding onto the gains achieved in the preceding week against the Pound and US Dollar.

As the session progressed, however the single currency softened as European Bank President Mario Draghi said that the bank could introduce new easing measures, which could include the purchasing of buying government bonds.

Euro Rates Today:

The Euro to Australian Dollar exchange rate is 1 EUR equals 1.42891 AUD.
The Euro to Canadian Dollar exchange rate today is converting at 1.39183 EUR/CAD.
The Euro to Swiss Franc exchange rate converts at 1 EUR is 1.20155 CHF.
The Euro to Pound Sterling conversion rate is 0.79134 EUR/GBP.
The Euro to US Dollar exchange rate today is converting at 1.23886 EUR/USD.

Pound Euro Exchange Rate Weakens on Cameron Comments

The Pound on Monday was initially softened by comments made by UK Prime Minister David Cameron also weighed after he warned that the UK economy is likely to be weakened by global factors over the coming months, he highlighted the weakness of the Eurozone as the main cause.

On Tuesday the Euro held onto gains against the Pound and other peers after economic sentiment in Germany and the wider Eurozone soared to a 4-month high this month.

The Euro strengthened against the Pound due to PPI data out of Germany coming in better than forecast. On a monthly basis, PPI rose by 0.2%, beating economist forecasts for a decline of -0.2%.
The Pound meanwhile fell to its lowest level in over a month against the Euro and remained hovering around a 14-month low against the US Dollar as inflation data came in as forecast.

EUR/GBP Exchange Rate Falls

Midweek saw the Pound recover some ground as the minutes of the Bank of England’s November policy meeting showed that more policy makers than expected voted in favour of raising interest rates.

The less dovish minutes supported the UK currency against the Euro. The single currency softened as data showed that Construction output in the 18-member currency bloc fell sharply in September.

On Thursday, the Euro slid against most of its major peers after data from all three of the Eurozone’s top three economy’s came in below expectations.

Activity in Germany’s service and manufacturing sectors declined to multi month lows, France’s sectors remained in contraction territory and Italy saw industrial sales and orders tumble. The overall Eurozone data also came in below expectations.

Euro to Pound Exchange Rate Falls Sharply

As the week ended, the Euro fell sharply against the Pound and other major peers after ECB President Mario Draghi became more urgent in his warning sover low inflation and sent a strong signal that the central bank is ready to expand its asset purchasing programs if needed.

“We will continue to meet our responsibility—we will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us,” Mr. Draghi said in a speech to a banking conference.

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