Pounds to Dollars Exchange Rate Today ? GBP EUR Drops In Anticipation of Positive Austerity Vote By Greece?s Parliament

February 8, 2012 - Written by Frank Davies

STORY LINK Pounds to Dollars Exchange Rate Today ? GBP EUR Drops In Anticipation of Positive Austerity Vote By Greece?s Parliament

The Pound Euro exchange rate (GBP EUR) is 1.1993. The Pound Dollar exchange rate (GBP USD) is 1.5888. The Pound Australian Dollar exchange rate (GBP AUD) is 1.4707.

Europe’s single currency surged during yesterday afternoon’s session, as institutional investors priced-in a positive outcome from the Greek coalition government’s ongoing discussions regarding proposed economic reforms. The EU/IMF/ECB ‘Troika’ has placed increasing pressure on Greece’s policy-makers to except a raft of tax increases and spending cuts, whilst warning that a refusal to acquiesce would lead to the debt-addled states next tranche of bail-out funding to be withheld.

European Commission Vice President Neelie Kroes upped the ante yesterday lunchtime, when he emphasised in a newspaper interview that the future of the euro would not be in doubt if Greece were to drop the single currency. Noises coming from Athens suggest that these words had their desired effect of focussing Greece’s administrators’ minds on the task in hand.

Elsewhere, yesterday morning saw the release of German data which showed that industrial production in Europe’s leading economy had contracted by almost 3% during the month of December. Analysts had expected that the number would show no month-on-month change from November.

Meanwhile, a report from Ernst & Young’s ITEM Club, also released yesterday, made grim reading for investors holding Sterling-denominated assets. The report predicted that lending by UK retail banks to British consumers is set to contract this year for the first time since 2009. Tomorrow brings a key day of UK data releases – if the Bank of England Monetary Policy Committee opts to increase the £275bn already allocated to its QE Programme, then the Pound could suffer significant losses before the weekend.


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