Pound To Euro, Lira And Dollar Rates Today: GBP/EUR Climbs, GBP/USD Plunges On High US Jobs

Published: 20 Oct 2017 21:23

pound to euro exchange rate today

Exchange Rate Report for the Pound Sterling to Euro, Turkish Lira and US Dollar Conversion Rates

The foreign exchange rate market saw the Pound to Euro exchange rate record gains after weaker-than-forecast German Industrial Production data saw the single currency weaken.

The Pound Dollar rate fell sharply on Friday after stronger-than-expected Non-Farm Payrolls data boosted the USD.

Earlier: The Pound record gains against the US Dollar and Turkish Lira while falling against the Euro after the Bank of England made the decision to keep UK borrowing costs at 0.50%.

Industry expert Ulrich Leuchtmann commented: ‘The BoE is not aggressive in terms of new measures and therefore Sterling is doing quite well at the moment. What the market needs is a more thorough understanding of their thinking.’ The recent decline in crude oil has seen inflationary levels fall in many different nations and is currently one factor keeping the BoE dovish in its monetary policy stance.

A quick foreign exchange market summary before we bring you the rest of the report:

On Friday the US Dollar to British Pound exchange rate (USD/GBP) converts at 0.792

FX markets see the pound vs us dollar exchange rate converting at 1.262.

Today finds the pound to euro spot exchange rate priced at 1.171.

The pound conversion rate (against turkish lira) is quoted at 40.866 TRY/GBP.

NB: the forex rates mentioned above, revised as of 29th Mar 2024, are inter-bank prices that will require a margin from your bank. Foreign exchange brokers can save up to 5% on international payments in comparison to the banks.

Pound to Euro Exchange Rate Today

The European Central Bank recently announced that it would be beginning a period of sovereign bond buying from March in an attempt to give the currency bloc a jab in the arm to boost growth.

However, Thursday saw Germany’s Retail Purchasing Managers Index climb from 51.7 to 52.3—a favourable figure for the largest and most influential economy in the Eurozone.

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Slightly less favourable was the fall in Eurozone Retail PMI which dropped from 47.6 to 46.6.

However, growth expectations for the Eurozone were upgraded by the EU on Thursday, which boded well for the common currency.

EU economic chief Pierre Moscovici stated: ‘Europe’s economic outlook is a little brighter today than when we presented our last forecast. But there is still much hard work ahead to deliver the jobs that remain elusive for millions of Europeans.’

Pound to Dollar Exchange Rate Today

The US Dollar broadly softened during Thursday’s session despite a favourable Initial Jobless Claims stat. In the week through January 31st the US economy saw only 278K jobseekers file claims rather than the 290K expected.

However, the previous week’s number was negatively revised to 267K.

Economist Stephen Stanley commented: ‘The big picture is very positive. The labour market is certainly one of the bright lights in terms of economic performance in recent months.’

Pound Sterling to Lira Rate Today

The Turkish Lira fell remarkably when the Turkish central bank announced it was planning a meeting to discuss interest rates—an action that many central banks have been considering.

However, the meeting was cancelled when the Turkish currency fell to a record low against the US Dollar on the news.

Central bank policymakers stated: ‘Inflation indicators continue to improve in recent months owing to the implementation of cautious monetary and liquidity policies.’

The Monetary Policy Committee will assess the inflation outlook in detail at the regular meeting which will be held on the 24th February.’ Some central banks have already cut rates as a global slowdown looms and fears for sluggish economic growth heighten.

December’s German Industrial Production figures will emerge on Friday and could influence the Euro.

The US Consumer Credit ecostat will also surface in Friday’s session and offer the US Dollar the opportunity for moderate movement.

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