Pound to Dollar Exchange Rate Today ? GBP EUR Drops Ahead of Today?s Bank of England Monetary Policy Announcement

February 9, 2012 - Written by David Woodsmith

STORY LINK Pound to Dollar Exchange Rate Today ? GBP EUR Drops Ahead of Today?s Bank of England Monetary Policy Announcement

The Pound Euro exchange rate (GBP EUR) is 1.1909. The Pound Dollar exchange rate (GBP USD) is 1.5839. The Pound Australian Dollar exchange rate (GBP AUD) is 1.4646.

Another day – another broken Greek deadline. Yesterday saw the debt-addled state’s troubled Prime Minister fail, once again, to reach an agreement with his coalition partners on the austerity measures which have been demanded by the EU/IMF/ACB Troika in return for his country’s next batch of bail-out funding. The raft of proposed public spending cuts and tax increases remain deeply unpopular with Greek voters, making the junior coalition parties reticent to accept them. At some stage before the middle of next month, Greece’s turkeys will have to vote for Christmas, otherwise the troubled Hellenic state will be forced to default, sending it into a deep abyss.

The euro continues to hold steady in the currency markets, with the GBP EUR exchange rate spending almost the whole of yesterday’s session trading resolutely in the 1.19s, in spite of Greece’s woes. Yesterday’s spectacular German trade figures for last year helped to boost investor sentiment towards Europe’s single currency. The data showed that Europe’s leading economy exported over €1tn worth of goods for the first time in the country’s history, in 2011.

Today sees a key day for UK data releases, with the Bank of England’s latest Monetary Policy Committee at midday providing the centrepiece. It would be a huge shock if the committee voted to alter UK interest rates from their current record low of 0.50%, however market whispers suggest that an increase to the current £275bn allocated to the Bank’s QE scheme might be on the cards. Sterling suffered a poor day on the markets yesterday as institutional investors trimmed their positions in anticipation of such an outcome.

Other UK data releases today could add to the downward pressure on the Pound – the closely-watched NIESR UK GDP growth estimate for January, release just before the European close, has the potential to hit Sterling hard, if it suggests that the UK is slipping towards another recession, while this morning’s UK Manufacturing and Industrial Production numbers for December are unlikely to cheer the markets.


For Pound Sterling to Dollar money exchange, other live foreign exchange rates and a money converter see the currency news website.

International Money Transfer? Ask our resident FX expert a money transfer question or try John's new, free, no-obligation personal service! ,where he helps every step of the way, ensuring you get the best exchange rates on your currency requirements.

TAGS: Daily Currency Updates Euro Forecasts Euro Pound Forecasts Pound Eu Forecasts