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GBP/EUR and GBP/AUD Fall after European Commission Cuts UK Growth Forecast

09 November 2017 by FC Exchange

Currency specialists FC Exchange look at the pound's movement against the Australian dollar (GBP/AUD) and euro (GBP/EUR) in Thursday's European session.

The pound to euro (GBP/EUR) and pound to Australian dollar (GBP/AUD) exchange rates began Thursday’s European trading in a tight range after data from both the UK and EU came to light. The Royal Institution of Chartered Surveyors (RICS) released new figures which painted a pessimistic picture for the UK housing market and is especially gloomy in comparison to recent surveys conducted by Halifax and Nationwide. RICS suggest that UK property prices are stagnating and new sales are falling; the House Price Balance dropped from 6.0% to 1.0% in October, despite forecasts for a smaller fall to 4.0%.

Meanwhile, in Germany, the nation’s already sizeable trade surplus expanded again, with the driving force of the Eurozone’s exports outweighing that of its imports. The Federal Statistics Office has shown German exports have increased by 4.6% in the past 12 months through September to reach €110.4 billion. The German trade surplus attained €24.1 billion in September this year, following the September 2016 reading of €23.7 billion.

However, as Thursday’s session continued, the pound softened against the single currency when the European Commission slashed the UK’s growth forecasts, and raised expectations for the Eurozone.

There are several European Central Bank (ECB) representatives due to speak in today’s session, and their comments may have the power to influence the pound to euro (GBP/EUR) exchange rate. Friday will be more exciting for the pound in terms of economic data when industrial production, manufacturing production, construction output, and trade balance data will make its way onto the market.

Investors in the Australian dollar are awaiting the Reserve Bank of Australia’s (RBA’s) statement on monetary policy on Friday which could be a source of Aussie dollar movement.

The GBP/EUR rate is currently residing at interbank levels of 1.1281. The pound to Australian dollar (GBP/AUD) exchange rate resides in the region of 1.7066.

Disclaimer: This economic update is provided by FC Exchange a Global Reach Group Company, industry leaders in foreign exchange. Authorised affiliates are permitted to reuse content.

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