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Pound Sterling Euro (GBP/EUR) Exchange Rate Muted as German Industrial Production Stumbles

The Pound Sterling Euro (GBP/EUR) exchange rate remained largely flat on Friday, giving up some previous losses. The pairing is currently trading at around €1.1830.

The single currency remained under pressure as data revealed the slump in German factory output could drag on the wider economy.Industrial production in the bloc’s largest economy disappointed at the start of the fourth quarter. Month-on-month, production plummeted by -1.7% after September’s fall of -0.6%.

‘Today’s data suggests that the German economy is continuing to flirt with stagnation and contraction in the final quarter of the year.

‘Looking ahead, both soft and hard indicators bode ill for industrial activity in the months ahead […] Trade conflicts, global uncertainty and disruption in the automotive industry have put the entire German industry in a headlock, from which it is hard to escape.’

Sterling (GBP) Edges Lower After Three-Day Rally

On Friday, after a three-day rally, the Pound edged lower against a handful of currencies.

While the currency edged lower at the end of the week, GBP was still headed for its best week since mid-October.

The Pound Euro (GBP/EUR) exchange rate hit a two-and-a-half year high on Thursday as Brexit optimism sparked a rally.

This week opinion polls have revealed support for the Conservatives has grown, increasing the likelihood the party will win an outright majority in next week’s election.

If Boris Johnson’s party secures a majority it will allow the PM to take the UK out of the EU by the January deadline.

‘It’s a small move and no fundamental change [in terms of what opinion polls show].

‘From a risk-reward perspective most people are too optimistic but if you look at option markets you can see some people positioning for Sterling weakness.’

Markets remained optimistic that a Tory win would see more than three years of Brexit uncertainty come to an end.

However, even if the Conservatives win a majority, some analysts have argued that any further GBP gains will be limited.

Pound Euro Outlook: Will Election Optimism Buoy GBP?

Looking ahead to next week, the Pound (GBP) could edge higher against the Euro (EUR) if there are further polls suggesting the Conservatives will win Thursday’s election.

If markets continue to remain optimistic that Boris Johnson will secure a majority, Sterling sentiment will increase.

Meanwhile, the single currency could slide if Germany’s trade balance disappoints, and October’s exports slump.

If both imports and exports fall in October, the Pound Euro (GBP/EUR) exchanger rate could edge higher.

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 Prices of the safe-haven gold fell on Friday in Asia as traders continued to monitor Sino-U.S. trade news.

The U.S. Gold Futures fell 0.4% to $1,477.45 by 1:42 AM ET (05:42 GMT).

On Thursday, U.S. President Donald Trump said trade talks were "moving right along", pushing global equities higher.

Uncertainties over a deal remained, as the president’s comments this week sent mixed signals regarding the trade talk progress.

Trump said overnight that negotiations with China are going "very well” overnight, just one day after he dented hopes for a trade deal by saying that an agreement to end the trade dispute may have to be delayed until after the American presidential election in November 2020.

Meanwhile, U.S. Treasury Secretary Steven Mnuchin told reporters that negotiations between Washington and Beijing were progressing, without a deadline for conclusion.

On the data front, the latest U.S. job report due later in the day is expected to generate some attention.

Gold traders are also awaiting the upcoming U.S. Federal Reserve meeting...

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The U.S. dollar was unchanged on Friday in Asia as traders awaited the release of the latest U.S. job report, which is due at 8:30 AM ET (13:30 GMT).

The U.S. dollar index that tracks the greenback against a basket of other currencies was unchanged at 97.380 by 1:30 AM ET (05:30 GMT).

Analysts tracked by Investing.com expect the job report to show the economy added 186,000 jobs in November, up from 128,000 jobs in October and 155,00 jobs in November 2018. The unemployment rate is projected to hold steady at 3.6%, unchanged from October and down slightly from December 2018.

Traders also kept an eye out for the latest development on the Sino-U.S. trade front as U.S. President Donald Trump said "something could happen" on whether the Washington will impose new tariffs on Chinese goods starting Dec. 15.

Trump said on Thursday that negotiations with China are going "very well," just one day after he said an agreement to end the trade dispute may have to be delayed until after the American presidential election in November 2020.

The USD/CNY pair traded 0.1% lower to 7.0417.

The EUR/USD pair was little changed at 1.1102 as data on Thursday showed that German factory orders unexpectedly declined in October.

The GBP/USD pair was also near flat at 1.3156. Reports this week suggested that U.K. Prime Minister Boris Johnson could win a majority at next week's election, paving the way for Britain to leave the European Union on Jan. 31.

The USD/JPY pair slipped 0.1% to 108.68.

Meanwhile, the AUD/USD pair and the NZD/USD pair both gained 0.2%.

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State-run trading company MMTC is importing onions to check spiralling prices and the shipment is expected to arrive by January 20, Union Minister Danve Raosaheb Dadarao said in Rajya Sabha on Friday.

Delayed and prolonged rains are the main reason for damage to onion crops, Minister of State for Consumer Affairs, Food and Public Distribution, Dadarao said during Question Hour.

He said the government used buffer stock to meet the crisis.

"Onion prices are rising ... there can be no two opinions. Late rains and prolonged rains damaged onion crop...But government had buffer stock, it was distributed from that. MMTC is importing from various countries and it is expected by January 20," the Minister said replying to a supplementary.

On Thursday, onion prices which have been fluctuating for over a month in Delhi, touched Rs 109 per kg in many markets in the city.

About edible oil, the minister said its domestic production is not adequate to meet demand in the country and gap between demand and production is met through imports.

"The production of soyabean in Maharashtra for 2019-20 is expected to be 42.08 lakh tonne as compared to 45.48 Lakh tonne in 2018-19. However, the expected production of 42.08 LT of soyabean in 2019-20, in Maharashtra, is more than the last five year average production of 34.77 LMT," the minister said.

In case of any decline in the domestic production, the gap between demand and availability is met through import of edible oils, he said.

He said while government has taken various steps to enhance edible oil production, 60 per cent of its requirement is met through imports while only 40 per cent was met through domestic production.

He said its minimum support price has been increased.