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Pound Sterling Takes the Lead against Euro Today after Domestic Data Windfall
Published: 9 Mar at 1 PM Tags: Pound Sterling, Euro Exchange Rate, Euro Crisis, UK, France,
The Pound has managed to grab an early lead against the Euro today, with the advance being attributed to highly supportive industrial and manufacturing production results for January. In all areas but yearly production, outcomes rose out of negative areas, and even for the loss-based printing, this was a better result that had been expected by forecasters.
The other supportive news for Sterling was more based on absence, as compared to yesterday, there have been relatively few damaging UK Referendum pieces circulating in media outlets. Yesterday, the Pound was devalued quite considerably by Bank of England (BoE) Governor Mark Carney’s tussle with MPs over his opinions on a ‘Brexit’ situation, but today, the most harmful bit of news has been an anonymous allegation that the Queen previously spoke against the EU to then-Deputy Prime Minister Nick Clegg, an accusation both parties have strenuously denied.
Looking ahead, the Pound is likely to be moved this afternoon by the National Institute of Economic and Social Research (NIESR) GDP estimate for February, along with tomorrow’s early RICS house price balance for the same month. Current estimates are for a rise from 49% to 50%.
Euro Slides Uncontrollably Today due to More VW Damage and Lack of Grecian Relief
The Euro has fallen for the most part against its rivals today, thanks to a scandal from last year resurfacing to make the headlines again today. This has been the issue of Volkswagen’s falsified emissions systems, the revelation of which sent the value of the German automobile giant diving in markets in the immediate aftermath.
Today, the latest development has been that German and French investigators are stepping up their investigations into the manufacturer, which may lead to a slew of lawsuits crippling the future output and appeal of the once-shining jewel of Germany’s manufacturing crown. Adding to this Euro-devaluing event has been Greece’s trade balance result for January, which remained in a solid deficit state.
Tomorrow afternoon will bring the European Central Bank (ECB) interest rate decision, as well as the deposit facility rate. In this latter case, a shift is expected from -0.30% to -0.40%.
The other supportive news for Sterling was more based on absence, as compared to yesterday, there have been relatively few damaging UK Referendum pieces circulating in media outlets. Yesterday, the Pound was devalued quite considerably by Bank of England (BoE) Governor Mark Carney’s tussle with MPs over his opinions on a ‘Brexit’ situation, but today, the most harmful bit of news has been an anonymous allegation that the Queen previously spoke against the EU to then-Deputy Prime Minister Nick Clegg, an accusation both parties have strenuously denied.
Looking ahead, the Pound is likely to be moved this afternoon by the National Institute of Economic and Social Research (NIESR) GDP estimate for February, along with tomorrow’s early RICS house price balance for the same month. Current estimates are for a rise from 49% to 50%.
Euro Slides Uncontrollably Today due to More VW Damage and Lack of Grecian Relief
The Euro has fallen for the most part against its rivals today, thanks to a scandal from last year resurfacing to make the headlines again today. This has been the issue of Volkswagen’s falsified emissions systems, the revelation of which sent the value of the German automobile giant diving in markets in the immediate aftermath.
Today, the latest development has been that German and French investigators are stepping up their investigations into the manufacturer, which may lead to a slew of lawsuits crippling the future output and appeal of the once-shining jewel of Germany’s manufacturing crown. Adding to this Euro-devaluing event has been Greece’s trade balance result for January, which remained in a solid deficit state.
Tomorrow afternoon will bring the European Central Bank (ECB) interest rate decision, as well as the deposit facility rate. In this latter case, a shift is expected from -0.30% to -0.40%.
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Source: moneytransfer.co.uk