Live: The Pound / Euro Exchange Rate Chart
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Latest Pound to Euro Exchange Rate News
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Pound to Euro | Pound Euro Exchange Rate News and Insights
Pound to euro slides back as "The bad news keeps coming for sterling" - GBP struggles to remain resilient
- Category: Pound to Euro
- Published on Tuesday, 31 July 2012 10:30
- Written by Super User
"The Pound declined against the majors this morning, falling versus the Euro for the first time in four days, after Moody’s Investors Service lowered the outlook for the UK economy" - Adam Solomon at TorFX.
The pound to dollar exchange rate is 0.1 pct lower at 1.5694. UBS advise they are Neutral on this pair - "A move above 1.5768 would suggest scope for further upside in the near- term to 1.5848. Near-term support lies at 1.5613 ahead of 1.5577."
Investors are positioning themselves for the Fed meeting tomorrow and the meetings of the ECB and Bank of England on Thursday. In such an environment one would expect rather range-bound trading. However, the euro is biting back against the pound.
"The Pound declined against the majors this morning, falling versus the Euro for the first time in four days, after Moody’s Investors Service lowered the outlook for the UK economy. An industry report also showed that UK consumer confidence stalled this month, despite the Bank of England’s best efforts to improve sentiment through another round of quantitative easing," says Adam Solomon at TorFX.
That said, it is worth noting that Moody's also downgraded growth prospects for the Eurozone, so for now it is a battle to see who is worse off.
The recent growth figures for the second quarter showed that the contraction in growth was three times worse than expected in the preliminary estimate, sparking renewed speculation over further asset purchases, interest rate cuts and even talk of a ‘triple-dip’.
"The bad news keeps coming for the Pound and the UK currency may struggle to remain resilient, as pressure grows for the government to change its fiscal policy and react to the current economic turmoil," says Solomon.
Elsewhere, Asian currencies have appreciated against the USD today and Asia equity markets are broadly higher.
However, markets are likely to remain cautious ahead of the crucial Fed and ECB meetings on Wednesday and Thursday, respectively.
Expectations for Fed and ECB easing have grown ever since Fed Chairman Bernanke's Congressional testimony in mid-July and ECB President Draghi's comments last week.
Upcoming US economic data are likely to be mixed - we are below consensus on Chicago PMI and above on consumer confidence.
Headlines (Bloomberg and Reuters) continue to suggest that negotiations are ongoing to bring about a consensus among ECB governing council members.