The Euro began the week trading against the British Pound in the region of 0.8641
Today the Euro is trading against the British Pound in the region of 0.8594
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 17/07/13
Although markets were generally calmer this week following last week’s volatility, the Euro has still experienced some movement.
The common currency briefly declined against the Pound at the beginning of the week after a report showed that UK business confidence jumped to a six-year high. An unexpected drop in German economic sentiment also adversely affected the Euro.
EUR/GBP gains were limited however as Sterling came under pressure ahead of the publication of minutes from the latest Bank of England policy meeting.
News that the Greek parliament had approved a controversial austerity measure in order to meet the conditions laid out by its lenders also bolstered the Euro. Although the bill, which could lead to job losses for thousands of public sector workers, sparked nationwide protests in Greece, the fact that it was approved helped to reassure investors that Greece would receive its next bailout instalment.
However, after the BoE released its meeting minutes the Euro slumped from its almost four-month high against the Pound. The minutes showed that all nine members of the Monetary Policy Committee were in agreement on the issue of maintaining asset purchases – the first time that the vote hadn’t been split for several months.
As the week came to a close the Euro dipped against a broadly strengthening Pound. Sterling gathered support from the expectation that next week’s GDP data will show that the UK economy expanded by 0.6 per cent in the second quarter, up from a gain of 0.3 per cent in the first.
What to look out for next week:
In the week ahead the most influential pieces of economic news from the Eurozone include Tuesday’s consumer confidence index, Wednesday’s German and Eurozone PMI and Thursday’s German business climate and IFO expectations report.
Once again, news from the US will also be of interest.
Also, if next week’s second quarter GDP figures for the UK top expectations the Euro could decline against the Pound.
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Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8594
The Euro is trading against the US Dollar in the region of 1.3109
The Euro is trading against the Australian Dollar in the region of 1.4228
The Pound is trading against the Euro in the region of 1.1635
The US Dollar is trading against the Euro in the region of 0.7620
The Australian Dollar is trading against the Euro in the region of 0.7023
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 14.50 GMT on the 19/07/13