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Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Pound Enjoys Bullish Advance after Encouraging Signs of UK Growth

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The Pound Sterling to Euro (GBP/EUR) exchange rate has risen considerably today after positive UK data releases and optimistic signs for the UK’s economic relationship with Europe.

Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Osborne’s Talk of ‘Free Trade’ Strengthens GBP/EUR Pairing

The Pound Sterling has risen against all major currencies today in response to news of the meeting between Chancellor George Osborne and French Economy Minister Emmanuel Macron over the UK’s relationship with Europe. The Pound Sterling rose by over 0.6% against the Canadian Dollar (GBP/CAD) and the Euro (GBP/EUR), and by more than 0.8% against the Australian Dollar (GBP/AUD) and the New Zealand Dollar (GBP/NZD).

This comes after the UK Net Consumer Credit and Mortgage Approval figures for June showed increases greater than over the predicted growth, and after Osborne’s meeting triggered highly optimistic speculation over the future value of the Pound when it comes to trading. Speaking about the UK/Europe relationship, Osborne emphasised the importance of fixing the ‘economic aspects of our relationship if we are going to convince people and convince ourselves that it is right for Britain to remain in the EU’.

Euro to Pound Sterling (EUR/GBP) Exchange Rate falls, New Greece Deal Could Bring Years of Austerity

The Euro (EUR), by contrast to the Pound Sterling (GBP), has fallen against the major currencies, posting a loss of over -0.3% against the US Dollar (EUR/USD) and the South African Rand (EUR/ZAR). Worse losses were recorded against the Pound Sterling (EUR/GBP), where the common currency fell by -0.7%.

This comes at a time when after months of negotiations, demands and voting, the Greek Government and its creditors have agreed to the possibility of a new €86bn bailout. The news is mixed for the future of Greece; if granted, the funds will allow the beleaguered country to pay some of the numerous debts that it is currently obliged to meet, but at the same time, that bailout amount would be stacked on top of the total debts that Greece is required to pay.

One of Greece’s (many) creditors, the International Monetary Fund (IMF), darkly summarised what accepting the bailout would mean, by predicting that Greece’s total debt would equate to a staggering 200% of the country’s GDP and would require harsh austerity measures to be enacted for decades.

Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast: German Unemployment Data may Reverse Euro’s Fortunes

The Euro (EUR) has seesawed between opposite ends of the scale this week due to the Greek situation, but tomorrow’s data releases may introduce some much-needed stability to the common currency. Germany is the strongest Eurozone member, and their optimistically forecast Unemployment Change figure may restore confidence in the EUR/GBP pairing. However, the European Central Bank (ECB) is also due to publish their Economic Bulletin tomorrow, and if this report predicts any more repercussions from the ongoing events in Greece, the Euro may continue the downtrend that it has experienced today.

Current GBP, EUR Exchange Rates

The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.4207 and the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7040 today.

The post Pound Sterling to Euro (GBP/EUR) Exchange Rate News: Pound Enjoys Bullish Advance after Encouraging Signs of UK Growth appeared first on Future Currency Forecast.


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