Euro Crisis News

The Pound Euro exchange rate held steady today as the UK’s ‘pingdemic’ crisis, with the NHS Covid-19 track-and-trace app contacting nearly 700,000 people in the past week, has dampened confidence in the UK’s economic recovery. The pairing is currently fluctuating around €1.17. Health secretary Sajid Javid also added that ‘no one really knows’ which direction the Covid-19 pandemic will progress from here. Consequently, confidence in the UK’s economy is quickly fading, with fear that the ‘pingdemic’ could hold...

The Pound Euro exchange rate fell by -0.8% today as worker shortages and England’s rising unemployment crisis weighs on confidence in the nation’s economy. The pairing is currently fluctuating around €1.16. GBP suffered following figures from the jobs websites Adzuna and Indeed showing that hospitality, transport, care, and manufacturing sectors had suffered huge hiring challenges. The Organisation for Economic Co-operation and Development (OECD) commented: ‘As economies roll out their recovery plans in coming months,...

The Pound Euro exchange rate fell by -0.3% today following news that the UK-EU financial services equivalence deal ‘has not happened’, according to UK Chancellor Rishi Sunak. This left the pairing trading around €1.16 at the time of writing. Sterling has suffered from growing concerns over tensions between the UK and the EU, despite the Chancellor’s reassurances that Europe will remain a ‘close partner and ally’. ITV business and economics editor Joel Hills commented: ‘Chancellor confirms that UK has given up...

The Pound Euro exchange rate fell by -0.5% today after the Bank of England (BoE) released a surprisingly dovish statement about UK growth and inflation, which it said would likely be ‘temporary’. The pairing is currently fluctuating around €1.16. Sterling struggled today after the BoE predicted that inflation is likely to rise above 3% as the UK’s economy continues to gather pace. However, the Bank also said that the spike in inflation was likely ‘transitory’. Members of the Monetary Policy Committee (MPC)...

The Pound Euro exchange rate rose today despite the latest Eurozone inflation gauge for May confirming forecasts and rising by 0.2%. The pairing is currently trading around €1.16. Analysts at Reuters commented: ‘A sharp spike in energy prices and more expensive services boosted euro zone consumer inflation in May as expected … taking the rate of price growth just above the European Central Banks target.’ However, the Euro has struggled from a weaker-than-expected Eurozone wage growth figure, which slowed to 2.2% in the...

The Pound Euro exchange rate held steady today ahead of the European Central Bank’s (ECB) interest rate decision, which is expected to remain at 0%. The pairing is currently trading around €1.15. The Euro failed to gain on the Pound (GBP) with Eurozone markets speculating over whether the ECB will dial back its Pandemic Emergency Purchase Programme (PEPP) in light of the improving outlook for the bloc’s economy thanks to intensive vaccination programmes. Any signs of a more bullish ECB today would boost the Euro to Pound...

The Pound Euro exchange rate fell by -0.2% today as the Indian variant of Covid-19 has weakened confidence in the UK’s ability to recover its economy in the months ahead. The pairing is currently fluctuating around €1.15. Sterling traders have become increasingly jittery over the prospect of a delay in the Government’s efforts to ease lockdown restrictions. The new strain of Covid-19 – the Indian variant – has raised concerns over increased levels of transmissibility of the virus. As a result, UK markets are becoming more...

The Pound Euro exchange rate fell by -0.3% today after the single currency received a boost from encouraging Eurozone economic data. Today saw the Eurozone’s latest retail sales report for March beat forecasts and rise by 12% month-on-month. This has left the pairing currently trading around €1.15 at the time of writing. Today also saw German factory orders jump for their third month in a row, as the Eurozone’s powerhouse economy’s manufacturing sector continues to improve. Analysts at Bloomberg commented: ‘Demand for...

Despite fresh signs of resilience in the Eurozone economic outlook, the Euro to US Dollar (EUR/USD) exchange rate has been struggling to recover from this week’s lows as the US Dollar remains broadly appealing in comparison. Unless upcoming US data disappoints investors, the Euro may have a difficult time mounting a more solid recovery. Since opening this week at the level of 1.1771, EUR/USD has been struggling to hold its ground. EUR/USD tumbled in the middle of the week and hit a low of 1.1704 - the worst level for the pair all...

The British Pound to US Dollar (GBP/USD) exchange rate has been tumbling this week, as investors seeking safer assets buy the US Dollar against a weaker Pound. While the pair flounders near lows, markets await tomorrow’s key UK and US data. Since GBP/USD opened this week at the level of 1.3869, the pair has been trending with a bearish bias. GBP/USD touched on a low of 1.3673 this morning, the pair’s worst level since the beginning of February over a month and a half ago. At the time of writing, Sterling is steadying slightly....