Published: 27 Nov at 12 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, Australia, USA, Germany, Japan,
Exchange Rates Today: GBP/EUR Softens on Carney Comments, EUR/USD Holding Steady ahead of US GDP, GBP/AUD Strengthens on Risk Aversion
Pound Sterling to Euro (GBP/EUR) Exchange Rate Softens on Dovish Carney
After Bank of England Governor Mark Carney intimated that a benchmark rate increase was a long way off, the Pound Sterling to Euro exchange rate declined by around -0.16%. Further Sterling declination can be attributed to lower-than-anticipated loan approvals. The single currency, meanwhile, has gradually strengthened against the majority of its most traded currency rivals as a result of German growth data meeting with the market consensus.
The Pound Sterling to Euro exchange rate is currently trending in the region of 1.2604.
The Pound has softened against nearly all of its major peers in the wake of dovish comments by BoE Governor Mark Carney. Carney suggested that external risk from the Eurozone, and historically low trend growth, is causing a delay to monetary policy normalisation.
â€˜Certainly in recent months, the global economic conditions have deteriorated in two of the major economies, Europe and Japan. [...] I would layer on top ... that the geopolitical situation remains difficult and the combination of that suggests a heightened degree of external risk to the United Kingdom
,â€™ stated Carney.
Euro to US Dollar (EUR/USED) Exchange Rate Holding Steady ahead of US GDP
Whilst traders await the US Gross Domestic Product data, the Euro to US Dollar exchange rate is trading within a tight range. This is in spite of the fact that European data was relatively positive. The US Dollar, meanwhile, has strengthened as a result of trader risk aversion strategies dominating the currency market.
The Euro to US Dollar exchange rate is currently trending in the region of 1.2434.
Non-seasonally adjusted German Gross Domestic Product showed a third-quarter growth of 1.2%, in line with the median market forecast. However, the single currency has struggled to make any significant advance as trader anxieties are rife that the ECB will have to resort to expansive measures in order to shore up the flagging Eurozone economy.
Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Strengthens on Risk Aversion
With fears regarding global economic disparity, the Pound Sterling to Australian Dollar exchange rate advanced by around 0.50%. Such is the dominance of risk aversion; the Pound has strengthened against the â€˜Aussieâ€™ despite disappointing data and dovish comments from Mark Carney.
The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.8344.
A complete absence of Australian economic data on Tuesday has seen the â€˜Aussieâ€™ continue to trend lower without data to curb the trend. Further Australian Dollar declination will occur if the US growth figures print positively.
As of Thursday, 27th November 2014, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.262, GBP USD exchange rate was 1.5725, GBP AUD exchange rate was 1.8453, and GBP JPY exchange rate was 185.3284.