{"id":4102,"date":"2017-11-23T00:00:00","date_gmt":"2017-11-23T05:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100239-gbp-eur-uk-budget-eu-good-data\/"},"modified":"2017-11-23T00:00:00","modified_gmt":"2017-11-23T05:00:00","slug":"100239-gbp-eur-uk-budget-eu-good-data","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100239-gbp-eur-uk-budget-eu-good-data\/","title":{"rendered":"GBP\/EUR: Pound Unscathed from UK Budget While Eurozone Data Impresses"},"content":{"rendered":"<p>Wednesday was a big day for UK Chancellor Philip Hammond and UK fiscal policy. However, the Autumn Budget in the UK ended up having little notable impact on sterling. The pound euro exchange rate was trading approximately at the same level at the end of Hammond\u2019s speech before Parliament as it was at the beginning. Towards the close, the pound was trading marginally lower than the euro at \u20ac1.1273.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>What do these figures mean? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p> When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute. <\/p>\n<p> For example, it could be written: <em>1 GBP = 1.13990 EUR<\/em> <\/p>\n<p> <em>Here, \u00a31 is equivalent to approximately \u20ac1.14. This specifically measures the pound\u2019s worth against the euro. If the euro amount increases in this pairing, it\u2019s positive for the pound.<\/em> <\/p>\n<p> Or, if you were looking at it the other way around: <em>1 EUR = 0.87271 GBP<\/em> <\/p>\n<p> <em>In this example, \u20ac1 is equivalent to approximately \u00a30.87. This measures the euro\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the euro.<\/em> <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>Philip Hammond succeeded in deflecting attention away from poor UK growth forecasts made by the UK\u2019s Office for Budget Responsibility (OBR). The OBR slashed economic growth forecasts for the UK to 1.5% in 2017, down from the 2% predicted earlier this year. In addition, they also changed the 2018 forecasts for England\u2019s GDP down from 1.6% to 1.4%, and the 2019 and 2020 growth to just 1.3%. On the announcement of the growth cuts, the pound faltered.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why does poor economic data drag on a country\u2019s currency? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Slowing economic indicators point to a slowing economy. Weak economies have weaker currencies because institutions look to reduce investments in countries where growth prospects are low and then transfer money to countries with higher growth prospects. These institutions sell out of their investment and the local currency, thus increasing supply of the currency and pushing down the money\u2019s worth. So, when a country or region has poor economic news, the value of the currency tends to fall. <\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>Despite bad news, Hammond successfully diverted attention with his spending revelations, such as \u00a344 billion towards housing and a freeze on beer, wine and spirit duty. The Chancellor offered extra support to the pound by pledging a \u00a33 billion for Brexit preparations. Sounding more upbeat than usual over Brexit, Hammond has set the funds aside for contingency plans to help the government prepare for every possible outcome. This will appease some hard line Brexiteers.<\/p>\n<p>Today, the focus switches back to Great Britain\u2019s economic data. Analysts are forecasting that UK economic growth for the third quarter will be 1.5% on an annual basis or 0.3% quarter on quarter. Any figure lower than the estimates could cause sterling to depreciate.<\/p>\n<h2><a href=\"#eurozone-consumer-confidence-highest-in-17-years\" name=\"eurozone-consumer-confidence-highest-in-17-years\"><\/a>Eurozone Consumer Confidence Highest in 17 Years<\/h2>\n<p>Demand for the euro has been limited this week due to the ongoing political turmoil in Germany. The inability of Angela Merkel\u2019s Christian Democrat Union to officially form a government had been making it easier for the pound to sustain gains against the euro.<\/p>\n<p>However, pushing politics aside, strong eurozone consumer confidence data boosted investors\u2019 interest in the euro on Wednesday. Analysts had been expecting consumer confidence to improve from -1 to -0.8 in November. However, the reading was surprisingly upbeat at 0.1. This represented the first positive consumer confidence figure since 2001. As a result, the euro strengthened.<\/p>\n<p>Today, euro traders will be watching out for any political developments in Germany. There is also a substantial amount of influential data such as German GDP, and eurozone PMI data for November which, if strong, could boost the euro.<\/p>\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td>\n<p><small><em><br \/>\nThis publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Inc., Currency Live or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Consult our <a href=\"https:\/\/currencylive.com\/risk-warning\/\">risk warning<\/a> page for more details.<\/em><\/small><\/p>\n<p><small><em>This article was initially published on TransferWise.com from the same author. The content at Currency Live is the sole opinion of the authors and in no way reflects the views of TransferWise Inc.<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wednesday was a big day for UK Chancellor Philip Hammond and UK fiscal policy. However, the Autumn Budget in the UK ended up having little notable impact on sterling. The pound euro exchange rate was trading approximately at the same level at the end of Hammond\u2019s speech before Parliament as it was at the beginning. [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":4103,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,1394],"class_list":["post-4102","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-eur","tag-gbp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound Unscathed from UK Budget While Eurozone Data Impresses - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/100239-gbp-eur-uk-budget-eu-good-data\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100239-gbp-eur-uk-budget-eu-good-data\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100239-gbp-eur-uk-budget-eu-good-data\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Unscathed from UK Budget While Eurozone Data Impresses\",\"datePublished\":\"2017-11-23T05:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100239-gbp-eur-uk-budget-eu-good-data\\\/\"},\"wordCount\":770,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100239-gbp-eur-uk-budget-eu-good-data\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100239-gbp-eur-uk-budget-eu-good-data.jpg\",\"keywords\":[\"eur\",\"gbp\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2017\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100239-gbp-eur-uk-budget-eu-good-data\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100239-gbp-eur-uk-budget-eu-good-data\\\/\",\"name\":\"GBP\\\/EUR: Pound Unscathed from UK Budget While Eurozone Data Impresses - 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