UKForex intra-day GBP to EUR exchange rate forecast

Thursday, 26 January 2012 14:26

UKForex say they see a range today in the GBPEUR rate of 1.1850 to 1.2040.

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The GBP to EUR exchange rate is 0.74% lower at 1.1925 at 14:23 in London.

The single currency has gained on the back of the US Fed's announcement that suggested there will be more accommodative monetary policy for longer.

The EUR started yesterday’s session off with positive data from Germany as business sentiment rose for a third month in a row in January.

The positivity was short lived as once again the dark clouds gathered over Greece.

Comments from each of Germany's weekly Die Zeit, IMFs Legarde, Merkel and Soros all pointing to a lack of resolution in Greece and in turn saw the EUR remain low.

The US session saw the EUR jump.

As you have probably guessed, this was on the back of the FED news to keep interest rate low for an extended period and on discussions on further QE.

The USD was dumped and Euro shot back above 1.3000. After a quite Asian session, we have seen the Euro continue to rise and it sits at 1.3138 versus the US Dollar.

GBP has lost ground against the single currency.

The GBPEUR pair was sitting above 1.2000 during the UK session yesterday, but we fell as low as 1.1935 after the US news.