The EUR/GBP is the quote for the Euro, the base currency, quoted against the British Pound, the quote currency.
EUR is the official currency of 20 of the 27 European Union countries and 16 overseas territories. It is also the unofficial currency of seven countries and territories, while 21 additional countries peg their national currencies to the Euro. January 1st, 1999, was the Euro introduction, replacing the European currency unit.
The Euro quickly grew in popularity among Forex traders, and it became the world's second reserve currency, trailing only the US Dollar. The Euro continues its slow displacement of the US Dollar in select economic circles, as many entities view it as a more stable alternative. Unlike the US, which fuels economic growth with debt, the Eurozone generally prints budget and trade surpluses rather than the deficits the US accumulates.
The EUR/GBP offers Forex traders an opportunity to trade the two largest European economies against one another. It is a liquid currency pair that usually trades below parity, as the British Pound is the higher-valued currency. The Eurozone is an exporter of high-end machinery, cutting-edge technology, groundbreaking pharmaceuticals, and quality services, making the EUR susceptible to EU trade data.
Most Recent
The Euro rallied significantly during the trading session on Wednesday, as we continue to try to attempt a recovery and after the massive selloff at the open of the week.