The Euro began the week trading against the British Pound in the region of 0.8536
Today the Euro is trading against the British Pound in the region of 0.8558
Here we take a brief look at what's been happening with the Euro this week, and what could cause the Euro exchange rate to rise or fall in the week ahead.
Round-up for week ending 28/06/13
The Euro may not have experienced a significant amount of movement against the Pound this week but it has fallen notably against the US Dollar. There was also some important news released from the Eurozone over the last five days.
On Monday a business climate index for Germany advanced, but Euro gains were limited as disappointing Chinese data and ongoing US quantitative easing concerns dampened the appeal of higher-risk currencies like the Euro.
Comments issued by the European central bank caused the Euro to weaken on Tuesday. In contrast to the attitude currently being adopted by some officials in the US central bank, ECB President Mario asserted that with the Eurozone economy still struggling to break free from recession fiscal policy would remain accommodative for the foreseeable future.
The Euro continued to trade lower on Wednesday, briefly hitting a three-week low against the US Dollar despite a forward-looking consumer climate index for Germany hitting an almost six year high.
However, on Thursday the Euro was able to strengthen against the Pound and US Dollar as economic confidence in the Eurozone improved and German unemployment unexpectedly declined by 12,000.
This positive news was followed by better-than-expected German retail sales figures on Friday. While the German inflation rate is believed to have accelerated for a second month in June, the surprisingly strong 0.8 per cent jump in sales helped the Euro consolidate gains against the Pound and edge closer to 1.31 Dollars per Euro.
What to look out for next week:
In the week ahead the most influential pieces of economic news for the Euro include Monday’s manufacturing PMI for the Eurozone and Germany and CPI/unemployment figures for the Eurozone, Tuesday’s Eurozone producer price index, Wednesday’s services PMI for the Eurozone and Germany plus Eurozone retail sales figures, Thursday’s European Central Bank Rate decision and Friday’s German factory orders data.
If you have any questions regarding the Euro, or currency in general, please leave me a comment and I’ll get back to you as soon as I can!
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Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8558
The Euro is trading against the US Dollar in the region of 1.3050
The Euro is trading against the Australian Dollar in the region of 1.4114
The Pound is trading against the Euro in the region of 1.1685
The US Dollar is trading against the Euro in the region of 0.7664
The Australian Dollar is trading against the Euro in the region of 0.7094
These exchange rates are provided by TorFX, a leading provider of foreign exchange. TorFX offers the best possible exchange rates for all your currency needs.
These exchange rates were correct as of 11.00 am GMT on the 28/06/13