Pound Sterling to Euro FX Rate Trends Higher on Markets Speculation Ahead Of ECB Rate Announcement
After the Eurozone’s latest construction output numbers detailed declines on both the month and year, the GBP-EUR currency exchange rate pair was able to advance.
A quick foreign exchange market summary before we bring you the rest of the report: The Euro to British Pound exchange rate: EUR/GBP converts at 0.719 (-0.003 change from yesterday) The Pound to Euro exchange rate today is converting at 1.39 GBP/EUR. The Pound to Canadian Dollar exchange rate: GBP/CAD conversion is 2.017. The Pound to Australian Dollar exchange rate converts at 1 GBP is 2.124 AUD. The Pound to US Dollar exchange rate converts at 1 GBP is 1.533 USD. Note: the foreign currency rates above, revised as of 23rd Oct 2015, are inter-bank prices that will incur an extra cost by your bank for any international money transfer requirements. Speak to a recommended FX provider for personal and business related currency transfers. Foreign Exchange News Now: Chinese GDP Impacts EUR, GBP, USD Rates Monday’s session saw the Pound Sterling trade a little stronger against the Euro on the back of a day of Chinese data releases. The slightly better-than-predicted GDP figures gave more of a backing to the Pound than has been seen in recent weeks. Coupled with a weak release for the Eurozone's Construction Output, we saw a high reached today of 1.3687 between the trading pair. Further releases on Friday will include the Eurozone’s Flash Markit Composite PMI – an average of manufacturing and services with predicted small yet notable losses as we enter into the fourth quarter. ECB Decision Predicted to Impact Commercial Conversion Rates As speculation grows ahead of the ECB Rate Announcement and Press Conference due on Thursday we could see more of an upward trend between the Pound Sterling and the Euro. Although this week’s releases are not predicted to announce any change to the current interest rate, the continued tone that quantitative easing may be expanded could further be cemented. Despite some economists believing that the ECB will hold firm, all eyes will be on the Press Conference. USD Trades Close To 1.55 Yesterday As China Releases Better Than Expected GDP Data. The USD saw an upward trend on Monday as the Pound Sterling to US Dollar currency pair almost touched 1.55 in the middle of the trading day. With much focus being given to the timing of the US interest rate increase of late, the significant release of the Chinese GDP gave an unexpected boost to the Pound stretching further away from the whispered 1.5050 trading level. China's economy actually grew by 6.9% which is marginally better than the 6.8% figure predicted. This however sees the country at its lowest growth rate since 2009 where the country recorded a 6.2% GDP. As the US and China continue to move in cohesion on the currency markets, it is the trend that the USD will experience losses and gains as the Chinese experience a slower path in growth. The US sees the housing market play out most of its data releases later in the week with housing demand, existing home sales, and outside of this the Flash Markit Manufacturing PMI for October on Friday. Existing home sales in the US saw a decline last month with an expected slight growth from 5.31m to 5.39m this week. The UK is quiet on the home front as other market players take central stage. Live Business Rates GBP, USD, EUR And Opening Market Positions The Pound Sterling to Euro traded yesterday between a low of 1.3566 and a high of 1.3687 cementing Pound strength by a cent, opening this morning’s market at 1.3653. The Euro to USD opened this morning’s market at 1.1350, trading between 1.1311 and a high of 1.1377 showing little movement on the market. The Pound Sterling to US Dollar was trading yesterday from a high of 1.5490 from 1.5428 opening this morning at 1.5492.
Source: http://www.exchangerates.org.uk/
Date: 23/10/2015
Time: 15:40 GMT
URL: http://www.exchangerates.org.uk/news/13981/live-business-foreign-exchange-rates-today.html
Author: Jaydena Ashton
well done
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