Euro to Pound Rate Weekly Review - EUR GBP Exchange Rate Boosted by German and UK Data

November 10, 2014 - Written by Frank Davies

STORY LINK Euro to Pound Rate Weekly Review - EUR GBP Exchange Rate Boosted by German and UK Data

At the start of last week, the Euro exchange rate declined to its worst level since August 2012 against the US Dollar, whilst remaining lower vs the Pound Sterling as concerns over the Eurozone economy persisted

The EUR remained under pressure throughout the week in the build up to the European Central Bank’s latest policy meeting.

Data released on Monday showed that German PMI and Eurozone PMI data came in below economist forecasts.

The Euro Pound exchange rate remained weak along with other major peers as the economic data continued to paint a grim picture of the Eurozone economy. Manufacturing PMI data for the 18-member currency bloc came in below economist expectations.

The latest forex rates for your reference: Revised 11/11/2014

The Euro to US Dollar exchange rate is +0.37 pct higher with a conversion rate of 1 EUR equals 1.24728 USD.
The Pound to Euro exchange rate converts +0.08 per cent higher at 1 GBP is 1.27646 EUR.
The US Dollar to Euro exchange rate is -0.37 pct lower with a conversion rate of 1 USD equals 0.80175 EUR.

Euro to Dollar Exchange Rate Falls

Midweek, the euro declined on renewed strength for the US Dollar following the outcome of Midterm elections.

The EUR also softened against the GBP and other major peers after the European Commission decided to downgrade its forecasts for growth and inflation in the Eurozone.

Adding to the currency’s softness was economic data, which showed that activity in the single currency blocs services sector declined more than forecast in October.

UK data restrained gains for the Pound as the UK’s dominant services sector also experienced a slowdown.

The Euro regained some ground to inch slightly higher but remained at multi-year lows against the US Dollar and multi-month lows against the Pound as investors focused on the European Central Banks policy meeting outcome.

Economists were hoping that ECB President Mario Draghi says something positive to put market fears at ease.

Ukraine was also back in the headlines and back as a potential drag on the Euro as the tentative peace between Kiev and pro-Russian rebels appeared to be on a knife-edge. Germany also warned Russia that more sanctions could be imposed if the truce breaks completely.

EUR Exchange Rate Plunges on Draghi Comments

The Euro fell sharply on Thursday after Mr Draghi said that the ECB would soon start to purchase asset backed securities in an effort to support the flagging Eurozone economy.

The EUR regained some lost ground but remains close to a two-year low as comments made by

As the week ended, the Euro inched higher after German balance of trade data came in better than forecast in September.

The nation’s Current account also improved. Sterling meanwhile softened after data showed that the UK’s balance of trade data showed that the nation’s deficit widened more than forecast in September.

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TAGS: Currency Predictions Daily Currency Updates Euro Forecasts