Euro to Pound FX: Weekly EUR-GBP Exchange Rate Roundup

March 29, 2015 - Written by David Woodsmith

STORY LINK Euro to Pound FX: Weekly EUR-GBP Exchange Rate Roundup

The Euro to Pound Sterling exchange experienced mixed movement this week due to signs that the Eurozone economy is improving and concerns over the Greece situation.

At the start of the week, the Euro eased away from last week’s highs against the US Dollar as concerns over Greece’s future in the single currency bloc remain in doubt.

The Pound Sterling meanwhile weakened against all of its most traded peers as concerns over the outcome of the May 7 general election remains unclear.

The currency softened further as the session progressed after domestic data came in worse than forecast.

The Industrial Trends Orders report fell from a figure of 10 to 0 in February.

Key Exchange Rates Today:

The Euro to Australian Dollar exchange rate today is converting at 1.40463 EUR/AUD.
The Euro to Canadian Dollar exchange rate today is converting at 1.37323 EUR/CAD.
The Euro to Pound Sterling exchange rate converts at 1 EUR is 0.73220 GBP.
The Euro to New Zealand Dollar exchange rate today is converting at 1.43938 EUR/NZD.
The Euro to US Dollar conversion rate is 1.08905 EUR/USD.

Euro Climbs vs British Pound and the US Dollar on Strong EU PMI Reports

Midweek, the Euro advanced against its most traded peers as it continued to find support from stronger-than-forecast German and Eurozone PMI reports.

The composite PMI for the 19-member region rose to a reading of 54.1 from 53.6. Despite the positive data, concerns remain high over Greece.

On April 8, Athens owes the International Monetary Fund more than €460 mil on a loan from its 2010 bailout. Five days later, Greece must make a €1.4 billion payment to holders of its short-term treasury bills.

The Pound Euro exchange rate meanwhile fell back to the 1.35 level after data released on Tuesday showed that UK inflation fell to a record low level by sliding to zero.

The UK’s annual rate of consumer price inflation fell from January’s figure of 0.3% to 0%.

On Thursday, the Euro strengthened against its major peers as more data out of Germany offered support. The latest GFK Consumer Confidence data beat economist expectations by coming in at 10, up from the preceding months figure of 9.7 and better than forecasts for 9.96. French GDP came in as expected.

As the week ended, the Euro fell sharply against the Pound and other peers as market attention focuses on the Greece situation. If no deal is reached between Athens and its creditors next week, the nation will run out of money by April 8. The European Central Banks quantitative easing programme also weighed on the single currency.

GBP/EUR Exchange rate Forecast for Coming Week

Looking ahead to next week the Pound to Euro exchange rate will be influenced by the Greek situation and the publication of German and Eurozone unemployment and UK GDP data.

Also of interest will be Eurozone inflation data.

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