Euro to Pound Sterling Rate Today: Weekly EUR/GBP Exchange Rate Roundup March 2015

March 1, 2015 - Written by Frank Davies

STORY LINK Euro to Pound Sterling Rate Today: Weekly EUR/GBP Exchange Rate Roundup March 2015

Today's Euro to Pound Sterling (EUR/GBP) Exchange Rate Summary/ Analysis

The Euro began the week softer against the Pound and US Dollar as investors favoured safer havens due to concerns over the Greece crisis. The Pound Sterling firmed against the Euro, as the markets remained jittery over the Greek situation. The Greek government outlined the economic reforms it plans to deliver in exchange for a four-month bailout extension.

On Tuesday, the Euro remained under pressure against the Pound and US Dollar after Greece delivered its list of proposed reforms to Brussels later than the deadline. The nation missed Monday’s deadline, causing the markets to react negatively towards the single currency.

Midweek, the Pound Sterling strengthened back above the 1.36 level against the Euro due to jitters over the Greece situation. The Pound advanced sharply after Greece missed its deadline to deliver a list of reforms it would make in order to receive an extension to its bailout. The main event for the UK however was Bank of England Governor Mark Carney testifying to Parliament. Carney and other BoE policy makers suggested that interest rates could rise sooner than forecast if inflation rebounds strongly over the coming months.

Pound to Euro Exchange Rate Softens on Greek Proposal

On Thursday, the Euro remained under pressure against the Pound, as it emerged that the European Central Bank and International Monetary Fund were not convinced by Greece’s reform plans. Despite that, the nation’s Eurozone creditors approved the measures.

The UK economy meanwhile was shown to have expanded by 0.7% in the first estimate but economists are forecasting a slip to 0.5% in the second. The data matched economist forecasts.

As the week came to an end the Pound Sterling then advanced to a new 7-year high against the Euro as the currency continued to find support from comments made by Bank of England policy makers earlier in the week. As the session progressed, however, the Euro and other currencies reversed some of their earlier losses as concerns increased that May’s UK general election will result in uncertainty. A new poll showed that the Conservatives are likely to win the most seats, but will not receive enough support to form a coalition government.

Looking ahead to next week, we can expect the GBP/EUR exchange rate to experience volatility because of upcoming UK and Eurozone PMI and employment data releases. The jobless rate across the 19-member Eurozone is expected to remain at 11.4%. Also in focus will be Eurozone inflation data.

Today's Exchange Rates:

The Euro to Australian Dollar exchange rate today is converting +0.02 per cent higher at 1.43325 EUR/AUD.
The Euro to Canadian Dollar exchange rate is -0.15 pct lower with a conversion rate of 1 EUR equals 1.39878 CAD.
The Euro to Swiss Franc exchange rate is -0.09 pct lower with a conversion rate of 1 EUR equals 1.06686 CHF.
The Euro to Pound Sterling exchange rate today is converting -0.04 per cent lower at 0.72501 EUR/GBP.
The Euro to US Dollar conversion rate is -0.12 pct lower at 1.11841 EUR/USD.
The Euro to South African Rand conversion rate is -0.08 pct lower at 13.04048 EUR/ZAR.

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