Euro to Pound Forex Report: Weekly EUR/GBP Exchange Rate Roundup Feb 2015

Modified: Monday, 9 February 2015 09:49 BST - Written by Toni Johnson

STORY LINK Euro to Pound Forex Report: Weekly EUR/GBP Exchange Rate Roundup Feb 2015

Today's Euro to Pound Sterling (EUR/GBP) Exchange Rate Summary

The Euro exchange rate began the week stronger against its major peers after EU economic and financial affairs Commissioner Pierre Moscovici said that Greece belongs in the Eurozone and that the single currencies continued existence depends on there being no ‘Grexit’.

The comments boosted speculation that an accord could be reached between the new Syriza led Greek government and the Troika. PMI data offered some more support as it showed that manufacturing activity across the 19-member currency bloc ticked higher in January.

The Pound Sterling meanwhile experienced bearish movement ahead of the Bank of England interest rate decision. The currency also received support from a better than forecast manufacturing PMI report.

Euro Exchange Rate Holds Firm

The Euro held steady against the Pound on Tuesday, as unemployment data out of Spain came in better than expected.

The currency remained under pressure however as hopes remain fragile that Greece and the Troika would come to terms over the nation’s bailout.

The Pound Sterling was steady as it found support from positive construction PMI data.


Midweek the Euro gave up earlier gains against the US Dollar and other peers as earlier optimism over hopes that a deal will be reached between Greece and its creditors softened.

Pound to Euro Exchange rate Climbs on UK Services PMI

The Pound advanced against the Euro after UK Service PMI data came in positively.

The service sector is the dominant sector of the UK economy and as such, the strong figure had more of a positive impact than the previous manufacturing and construction PMI reports, which both came in better than forecast.

The Euro fell sharply against the Pound after the European Central Bank toughened its stance with Greece by restricting financing the nation’s banks.

The ECB said that it announced the measures as it could not be certain that a successful deal will be reached on Greece’s debts.

The Pound Sterling strengthened against the Euro to settle into the 1.33 range on Thursday. Bank of England Policy makers voted to leave rates unchanged at 0.5% and maintain its monthly quantitative easing programme at £375 billion. Traders widely ignored data released early in the session, which showed that house prices rose strongly in January.

EUR/GBP Exchange Rate Ends Week Lower

As the week came to a close the Euro weakened following the release of economic data out of Germany, which showed that industrial production in the Eurozone’s largest economy increased by just 0.1%, below expectations for a rise of 0.4%.

The Pound Sterling found support against a number of major peers as the Bank of England was highlighted by investors to be one of the only major central banks that are likely to raise interest rates.

Euro Exchange Rates Today (09/02/2015)

The Euro to Australian Dollar exchange rate is -0.04 pct lower with a conversion rate of 1 EUR equals 1.45699 AUD.
The Euro to Canadian Dollar exchange rate today is converting +0.19 per cent higher at 1.41904 EUR/CAD.
The Euro to Pound Sterling exchange rate is +0.34 pct higher with a conversion rate of 1 EUR equals 0.74490 GBP.
The Euro to New Zealand Dollar conversion rate is -0.5 pct lower at 1.53129 EUR/NZD.
The Euro to US Dollar exchange rate is +0.31 pct higher with a conversion rate of 1 EUR equals 1.13484 USD.

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