Euro News – EUR/GBP Starts to Recover Losses

  • The Euro began the week trading against the British Pound in the region of 0.8537

    Today the Euro is trading against the British Pound in the region of 0.8594

    Over the weekend the EUR/GBP pairing largely retained declines recorded last week when Sterling was supported by several pieces of surprisingly strong economic data for the UK. With the first half of the week being dominated by Federal Reserve tapering speculation and an absence of European news, the Euro was fairly range-bound against the Pound.

    However, predictions that manufacturing/services PMI data for the Eurozone and Germany would show improvement boosted the Euro as the week progressed.

    After PMI for both sectors was shown to have improved by more than anticipated the Euro strengthened and was heading for its first five-day gain against the Pound for three weeks.

    On Friday that advance was briefly trimmed to 0.3 per cent as better-than-forecast UK growth data boosted the Pound against its peers, but after the publication of the Eurozone’s consumer confidence index (which advanced from -17.4 to -15.6) the Euro fought back, pushing above 86 pence per Euro before a downward collection saw it trading in the region of 0.8586.

     

    What to look out for next week:

    The most influential pieces of economic data from the Eurozone to look out for next week include Tuesday’s German IFO Business Climate/Current Assessment/Expectations surveys, Wednesday’s German Consumer Confidence Survey, Thursday’s German Unemployment and inflation rate reports and Friday’s German retail sales plus Eurozone consumer confidence and unemployment rate data.

    Exchanging Euros?

    If you need to make a money transfer in or out of Spain TorFX can help, and by providing you with far better exchange rates than your UK or Spanish bank we can save you money. We don’t charge commission or transfer fees, and we can tailor transactions to suit you. Please contact me for a free exchange rate quote

     

    Current Euro Exchange rates: 

    The Euro is trading against the Pound in the region of 0.8593

    The Euro is trading against the US Dollar in the region of 1.3366

    The Euro is trading against the Australian Dollar in the region of 1.4828

    The Pound is trading against the Euro in the region of 1.1637

    The US Dollar is trading against the Euro in the region of 0.7486

    The Australian Dollar is trading against the Euro in the region of 0.6730

     

    These exchange rates are provided by TorFX, a leading provider of foreign exchange. TorFX offers the best possible exchange rates for all your currency needs.

    These exchange rates were correct as of 15.45 GMT on the 23/08/13