Euro to Pound: Weekly EUR/GBP Exchange Rate Roundup

Modified: Sunday, 15 March 2015 22:26 BST - Written by Tim Boyer

STORY LINK Euro to Pound: Weekly EUR/GBP Exchange Rate Roundup

The Euro exchange rate experienced volatility at the start of the week as the ECB’s quantitative easing programme was launched. Concerns over Greece were also heightened after the nation said that it wants to hold a referendum on its reform plans but that was dismissed by Germany. The Pound Sterling was firmer against a number of its most traded peers in a session devoid of any domestic market moving data releases.

The Euro to Pound exchange rate weakened further on Tuesday as concerns over the Greek bailout mounted, and as retail sales data out of Spain came in well below expectations. Concerns over Greece increased after Eurogroup finance ministers broke off discussions about the nation’s bailout after less than an hour and warned that Greece must do more to warrant the next tranche of bailout funds. The Pound advanced to a new 7-year high and breached the 1.40 level against the Euro due to the concerns over Greece.

Midweek the Euro weakened to new multi-year lows against its major peers as it was pressured lower by the diverging monetary policy stance between the USA’s Federal Reserve and European Central Bank. Greece continued to weigh after Greek Prime Minister Alexis Tsipras said that it was his firm intention to seek war reparations from Germany. His comments came after another Greek minister threatened to flood the rest of Europe with migrants if the Eurogroup does not approve reform measures. The Pound Sterling moved higher against the Euro and breached the 1.41 level for the first time since November 2007.

On Thursday, the Euro slowed its decline against most of its major peers as economists deemed the currency’s recent sharp declines had been overdone. Despite that, the Euro is still on track to make its biggest quarterly loss on record as the ECB’s quantitative easing programme makes its presence felt in the markets and as ECB President Mario Draghi reiterated the bank’s commitment to improving inflation in the Eurozone.

The Pound Sterling gave up most of the gains it achieved against the Euro on Thursday, and was trading in a tight range on Friday, after comments made by the Bank of England Governor Mark Carney weighed. Mr Carney suggested that the high value of the Pound and weak global inflation could cause monetary policy makers to delay raising interest rates.

Looking ahead to next week the main events for the EUR/GBP exchange rate will be Tuesday’s Eurozone inflation data and Wednesday’s UK unemployment data.

Euro Exchange Rates Today:

The Pound to Euro exchange rate is +0.02 pct higher with a conversion rate of 1 GBP equals 1.40519 EUR.
The US Dollar to Euro exchange rate today is converting +0.04 per cent higher at 0.95310 USD/EUR.

The Swiss Franc to Euro exchange rate is -0.1 pct lower with a conversion rate of 1 CHF equals 0.94635 EUR.
The Canadian Dollar to Euro exchange rate today is converting -0.04 per cent lower at 0.74492 CAD/EUR.
The Australian Dollar to Euro exchange rate is -0.15 pct lower with a conversion rate of 1 AUD equals 0.72655 EUR.
The New Zealand Dollar to Euro exchange rate converts -0.08 per cent lower at 1 NZD is 0.69886 EUR.

International Money Transfer? Ask our resident FX expert a money transfer question or try John's new, free, no-obligation personal service! ,where he helps every step of the way, ensuring you get the best exchange rates on your currency requirements.

TAGS: Daily Currency Updates Dollar Pound Forecasts Euro Forecasts Euro P Forecasts