Pound to Euro Forex Exchange Rate - More GBP/EUR Market Volatility Forecast

February 17, 2015 - Written by John Cameron

STORY LINK Pound to Euro Forex Exchange Rate - More GBP/EUR Market Volatility Forecast

Currency News UK Presents The Pound Sterling to Euro Forecast on Exchange Rate Markets

Former UK Chancellor of the Exchequer, Kenneth Clarke has warned the markets that a Greek exit from the eurozone is now ‘inevitable’ following comments from Greece’s new leadership during recent days.

Clarke described Greece’s new government as ‘latter day Trotskyites’ and suggested that he couldn’t see, ‘how you can sensibly avoid the Greeks defaulting and the Greeks having to leave the eurozone.’

Latest Pound & Euro Exchange Rates (19/02/2015)

The Pound to Euro exchange rate is +0.19 pct higher with a conversion rate of 1 GBP equals 1.35652 EUR.
The US Dollar to Euro conversion rate is +0.1 pct higher at 0.87809 USD/EUR.
The Swiss Franc to Euro exchange rate today is converting -0.41 per cent lower at 0.92736 CHF/EUR.
The Canadian Dollar to Euro exchange rate converts -0.15 per cent lower at 1 CAD is 0.70318 EUR.

Greece Situation Pressurises EUR/GBP Exchange Rate

Clarke’s expectations regarding a Grexit have been fuelled by the Syriza-led Athens government’s attempts to backtrack on its bailout agreement since it swept to power in a landslide victory at the end of last month.

Clarke went on to explain that, ‘It’s not anything to do with just the Germans, I can’t see why any other states should take a huge multi-billion pound hit again for the Greeks so they can hire more civil servants, raise their minimum wage (and) scrap all their labour market laws.’

The Tory Grandee suggested that the best outcome might be an ‘only slightly’ disorderly Grexit –he explained, ‘I hope a very great deal of work is going on to minimise the impact on financial markets, on the United Kingdom - because it affects us just as much anybody else in the western world.’

Pound to Euro (GBP/EUR) Exchange Rate Today

Today’s session has brought wild fluctuations for the Pound to eurorate as investors moved rapidly to price-in the effects of various scenarios arising from the eurogroup / Greece bailout talks, which remain ongoing.

The UK unit started the day in rude health against the single currency, with GBP EUR even threatening to break through to a fresh 7 ½ high.

The pair reached an intraday high of 1.3557 during this morning’s European session before pulling back to touch off 1.3431 a short time ago.

Meanwhile, the war of words continues, with Greek Prime Minister Tsipras describing the latest eurogroup statement as ‘provocative’, and stating that his government is not in a hurry and will not compromise.

Meanwhile, Germany’s Finance Minister Schaeuble batted the ball firmly back into Greece’s court by stating that it was up to Athens whether it wanted to stay in the euro and forecasting a ‘difficult situation’ if Greece’s bailout programme ends in a disorderly fashion.

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