Round-up for week ending 02/08/13
The Euro began the week trading against the British Pound in the region of 0.8632
Today the Euro is trading against the British Pound in the region of 0.8727
Several factors have helped the Euro gain on the Pound this week, including reports showing improvement in German economic sentiment/unemployment, and a gain in economic confidence in the currency bloc. Better-than-expected manufacturing data for the Eurozone also boosted the Euro against its peers ahead of the European Central Bank rate decision.
The Euro was able to hit a four and a half month high against the Pound and a six week high against the US Dollar.
But gains were shed on Thursday after ECB President Mario Draghi commented that rates would be held at current levels (or lower) for an extended period.
However, Draghi did also intimate that the Eurozone had weathered the worst of its fiscal woes and was now emerging out the other side. Consequently, the Euro had recouped much of its losses by Friday and was putting in a mixed performance ahead of the publication of the Eurozone producer price index for June.
While economists expected PPI to climb by 0.1 per cent, following a decline of 0.3 per cent in May, it actually stagnated.
After the data was published the Euro remained trading slightly lower against a broadly strengthening Pound.
Before we dive into the weekend we can expect to see additional Euro/US Dollar fluctuations as a result of US employment data.
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.
What to look out for next week:
In the week ahead the most influential pieces of economic news from the Eurozone include Markit Services PMI and retail sales figures, both due out on Monday.
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Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8727
The Euro is trading against the US Dollar in the region of 1.3212
The Euro is trading against the Australian Dollar in the region of 1.4845
The Pound is trading against the Euro in the region of 1.1465
The US Dollar is trading against the Euro in the region of 0.7563
The Australian Dollar is trading against the Euro in the region of 0.6732
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 12.10 GMT on the 02/08/13