BP/EUR, GBP/USD Gain Today as UK Industrial Production Climbs

10/06/2015 13:29 AST

Both the Pound Sterling to Euro (GBP/EUR) and Pound Sterling to US Dollar (GBP/USD) exchange rates posted modest gains today as UK industrial production increased by more-than-forecast.

Pound Sterling to Euro (GBP/EUR), Pound Sterling to US Dollar (GBP/USD) Exchange Rate News – HSBC Job Cuts, UK Trade Data, Obama Comments and Greek Bailout Talks Impact Trading

Prior to the publication of the UK’s Industrial Production and Manufacturing Production data, the Pound Sterling to Euro (GBP/EUR) exchange rate softened slightly but managed to hold above the 1.36 level.

Meanwhile, the Pound Sterling to US Dollar (GBP/USD) exchange rate was up nearly 0.4% as the US Dollar edged lower across the board in reaction to comments issued by US President Barack Obama.

While rumoured remarks from the US chief, regarding his feelings towards a strong domestic currency, were later dismissed, Obama did infer that institutions need to stop tightening policy and start supporting growth – a stance which bolstered demand for higher yielding assets and drove the ‘Greenback’ lower.

On Tuesday the Pound declined against both the Euro and US Dollar in response to the news that HSBC plans to slash 8,000 UK jobs, and the British currency largely failed to recoup losses in spite of an impressive tightening of the national trade deficit.

Although the GBP/USD currency pair advanced before the close of trading, the GBP/EUR exchange rate was pressured lower by the latest developments in the Greek debt saga.

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