Pound to Euro Exchange Rate News Index

The pound to euro exchange rate is at 1.1904.

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The declines in the value of the euro against the British pound come despite the headline euro dollar exchange rate pairing climbing higher.

The euro received a boost after the German GfK consumer confidence came in at 7.1. This compares with a reading of 7.0 in September.

The GfK is a forward-looking survey of 2000 people, and it is now indicating that consumer confidence is at pre-credit-crisis levels in Germany.

This is a step in the right direction for the eurozone.

Sterling seen on the front foot

The British pound sterling has certainly regained its composure after a troubled start to the week.

No doubt, a lack of solid data points combined with a sense that recent gains are overextended prompted some selling pressure on the UK currency.

"Sterling rose against the dollar overnight after a retail sales report from the Confederation of British Industry (CBI) showed that sales jumped at their fastest pace since June 2012 this month. The strong sales number suggests that solid consumer spending over the summer continued into the critical back-to-school season in the fall and that the rebound in growth seen in Q2 continued into the beginning of the second half of the year," says Omer Esiner at Commonwealth Foreign exchange.

The pound has also found itself under pressure earlier in the week following some comments from BOE policymakers that appeared to try to keep rate hike expectations anchored.

Three BOE policymakers this week said there was no chance of a rate hike anytime soon, despite strong U.K. economic data.

Continued dovish rhetoric from the BOE could keep the pound’s gains limited going forward suggests Esiner.