Pound Euro Exchange Rate (GBP/EUR) & Pound to New Zealand Dollar (GBP/NZD) Rates Fall

Modified: Friday, 25 October 2013 21:26 BST - Written by David Woodsmith

STORY LINK Pound Euro Exchange Rate (GBP/EUR) & Pound to New Zealand Dollar (GBP/NZD) Rates Fall

The Pound to euro exchange rate (GBP/EUR) continues to fall today in spite of some disappointing eurozone data. Elsewhere, the Pound New Zealand Dollar exchange rate dipped earlier following the publication of encouraging Chinese economic figures.

The Pound to Euro exchange rate (GBP/EUR) is currently trading down by 0.16% at 1.1713 GBP/EUR. The Euro to Pound exchange rate is currently trading at 0.8538 EUR/GBP.

A disappointing set of whole of eurozone Purchasing Manager Index surveys, published earlier today, painted a disappointing picture regarding the strength of the economic recovery in the region. The composite figure for October showed a drop from September’s 52.2 print down to 51.5, re-enforcing the impression that growth in mainland Europe is now beginning to stall. This showing was particularly disappointing given that analysts were anticipating an increase in the pace of the expansion of general activity in the eurozone to 52.4.

There was further negative news for the single currency when the latest figures revealed that the level of unemployment in the eurozone had risen for the 22nd month on the trot. In spite of these disappointing numbers, the euro has remained strong against Sterling so far today, with the Pound euro exchange rate (GBP/EUR) remaining in the low 1.1700s throughout today. The pair made a concerted run at the 1.1700 threshold, dipping to as low as 1.1701 during the middle part of today’s European equities session.

Elsewhere, yesterday’s pronounced losses for the New Zealand Dollar, which were driven by concerns that economic activity is slowing in China, were stemmed during today’s session thanks to slightly better than anticipated data from Asia’s premier economy overnight. The HSBC/Markit Flash PMI Manufacturing sector survey showed at 50.9 versus analysts’ estimates of a 50.2 print. New Zealand’s export-driven economy remains heavily dependent on continued strong demand from its number one export market, China, so last night’s figure came as a relief for the Kiwi, sending the Pound New Zealand Dollar exchange rate (GBP/NZD) down to as low as 1.9167 earlier.

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