Euro to Pound Sterling Rate Today: Weekly EUR/GBP Exchange Rate Roundup 8th March 2015

Modified: Sunday, 8 March 2015 14:27 BST - Written by Ben Hughes

STORY LINK Euro to Pound Sterling Rate Today: Weekly EUR/GBP Exchange Rate Roundup 8th March 2015

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

The Euro to Pound exchange rate experienced a volatile week and spent much of it under pressure as market attention was focused on central bank meetings and jitters over the situation in Greece.

At the start of the week, the Euro continued to trade at multi-year lows against its major peers as the Greece situation continued to cause concern amongst investors. Economists were also nervous ahead of the European Central Bank policy meeting as they expected the bank to announce its €1.1 trillion quantitative easing programme as well as a plethora of Eurozone data releases. Traders widely shrugged off positive Manufacturing PMI reports and data out of Italy, which showed that the nation’s jobless rate improved slightly.

Pound to Euro Exchange Rate Holds Firm

The Pound Sterling softened against a number of peers but maintained its strength against the Euro after domestic data showed that UK annual house price growth slowed to its weakest level since September 2013.

According to Nationwide, house prices fell by -0.1% in February, that report was then countered by a better than forecast manufacturing PMI and mortgage lending data.

The Euro remained under pressure as investors turned remained focused on the ECB meeting Doubts over the Greek bailout programme are also weighing on the currency.

Midweek, the Pound Sterling was little moved against its major peers as economists look ahead to the release of the latest Markit/CIPS Services PMI report. With the manufacturing and construction PMI’s released earlier in the week coming in stronger than forecast, economists are expecting another strong figure.
The single currency softened due to the release of German data, which showed that factory orders fell by -3.9% in January. Also due is Italian GDP data.


Thursday was the main event for both the Pound and Euro as both regions central banks delivered their interest rate announcements.

As the week came to an end the Euro declined below the 1.10 level for the first time since 2003 and weakened to a new 7-year low against the Pound Sterling after the ECB announced that its quantitative easing programme would begin next week. The currency managed to claw back some ground earlier in the session as German industrial production data beat economist forecasts.

The Pound Sterling maintained gains against the Euro as the European Central Bank announced that it would begin its monthly bond-buying programme on March 9. The Pound received some support from expectations that the UK economy has gotten off to a strong start in 2015.

Today's Exchange Rates:

The Euro to Australian Dollar conversion rate is 1.40537 EUR/AUD.
The Euro to Canadian Dollar exchange rate converts at 1 EUR is 1.36875 CAD.
The Euro to Swiss Franc conversion rate is 1.06890 EUR/CHF.
The Euro to Pound Sterling exchange rate is 1 EUR equals 0.72110 GBP.
The Euro to New Zealand Dollar conversion rate is 1.47244 EUR/NZD.
The Euro to US Dollar exchange rate converts at 1 EUR is 1.08434 USD.

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