Euro to Pound Exchange Rate Round up - November 24 to 28

Modified: Sunday, 30 November 2014 22:55 BST - Written by Frank Davies

STORY LINK Euro to Pound Exchange Rate Round up - November 24 to 28

At the start of the week, the Euro traded at a two-year low against the US Dollar and was weaker against the Pound and other major peers as investors raised their bets that more easing by the European Central Bank will be introduced.

The Euro to Australian Dollar exchange rate today is converting +0.32 per cent higher at 1.46787 EUR/AUD.
The Euro to Canadian Dollar exchange rate converts +0.09 per cent higher at 1 EUR is 1.42263 CAD.
The Euro to Pound Sterling exchange rate converts +0.02 per cent higher at 1 EUR is 0.79596 GBP.
The Euro to New Zealand Dollar exchange rate converts +0.21 per cent higher at 1 EUR is 1.59125 NZD.
The Euro to US Dollar exchange rate converts -0.02 per cent lower at 1 EUR is 1.24484 USD.

The currency continued to be weakened, as at the end of the prior week ECB President Mario Draghi issued a new warning that inflation expectations were dangerously low. The single currency also found support from the release of better than forecast IFO Business Climate data in Germany.

Sterling meanwhile began the week still under pressure from a Bank of England inflation report, which warned that UK inflation could fall below 1% over the next six months. A lack of economic data out of the nation meant that it saw little movement.

Euro Pound Exchange Rate Climbs

On Tuesday, the Euro edged higher against the Pound and other major peers after European Central Bank (ECB) Executive board member Benoit Coeure said that the bank would not make hasty decisions when considering introducing new stimulus measures. The comments eased some of the impact of ECB President Mario Draghi’s comments made last week. Also aiding the Euro was data out of France, which showed that business confidence increased more than forecast.

The Pound softened against the Euro on Tuesday as data out of Germany, France came in positively, and Bank of England Governor Mark Carney delivered a rather dovish speech.

Midweek, the Euro made gains against the Pound as data out of France came in better than forecast. Consumer confidence in the Eurozone’s second largest economy improved unexpectedly in November.

Pound to Euro Exchange Rate Advances

The Pound was trading steadily against the Euro as economists awaited the release of second estimate GDP data. According to the report, the UK economy expanded by 0.7% in the third quarter of 2014. The data offered the currency support and saw the GBP/EUR exchange rate climb back to the 1.26 level.

Sterling was also higher against the Euro after European Central Bank Vice President Vitor Constancio said that the bank would consider implementing quantitative easing if current measures prove ineffective.

As the week ended, the Euro inched higher against the Pound and other peers after data showed that German Retail Sales increased more than forecast in October. Market attention is now focusing on eagerly awaited Eurozone inflation and unemployment data. Softer-than-expected data will likely send the currency falling.

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TAGS: Currency Predictions Daily Currency Updates Euro Forecasts