Pound Euro Exchange Rate Today: GBP/EUR Breaks 1.1900 Barrier On German Data

Modified: Monday, 9 September 2013 09:28 BST - Written by Tim Boyer

STORY LINK Pound Euro Exchange Rate Today: GBP/EUR Breaks 1.1900 Barrier On German Data

The GBP EUR exchange rate is in bullish mood following poor German export figures on Friday. However, GBP AUD appears to be heading the other way after a landslide victory for the Liberal / National coalition in Australia’s weekend general election.

The Pound euro exchange rate (GBP/EUR) is currently trading up by 0.14% at 1.1872 GBP/EUR. The euro Pound exchange rate is currently trading at 0.8488 (EUR/GBP).

Sterling strengthened once again against the euro during the final trading day of last week’s session, following the publication of German trade figures which revealed a monthly dip in the level of exports from the Teutonic superpower during the month of July. Analysts had been anticipating that the figure would point to a month-on-month rise in the level of German shipments, so the news came as a significant blow to the region’s premier economy and to the single currency alike.

The reduction in the level of exports out of Germany was blamed by analysts on a dip in demand from other eurozone nations, highlighting a generalised lack of confidence throughout the combined economies of continental Europe. The news sent the Pound euro exchange rate (GBP/EUR) briefly up through the 1.1900 barrier during the early part of Friday afternoon. The timing of the move was of significance – it came straight after the publication of a somewhat disappointing set of US Non-Farm Payrolls job creation numbers at 13:30hrs BST. The move against the single currency which followed these figures from the world’s leading economy is indicative of the risk-sensitive nature in which the euro has been behaving during recent months.

Elsewhere, yesterday brought the news that the Liberal / National coalition had won a landslide victory in Australia’s general election. The nation’s new Prime Minister Tony Abbott declared during his victory speech that the Antipodean nation was once again ‘open for business’. A key plank of the centre-right leader’s election campaign had been a promise to repeal his nation’s mining taxes, which many commentators had suggested were partly to blame for the slowdown in Australia’s economy during the past two quarters. Price action for the Australian Dollar in the aftermath of the result suggested that market participants believe that Abbott will be true to his pledge to re-ignite Australia’s flailing economy – the Pound Australian Dollar exchange rate (GBP/AUD) opened firmly on the back foot. The pair now appears well established in the sub-1.7000 range.

For the live Pound Euro exchange rate (with currency converter), or to make a Euro money transfer when sending money abroad please refer to the Currency News UK website.

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