Euro News – Positive UK News Sees the Euro Weaken EUR/GBP

  • Round-up for week ending 09/08/13

    The Euro began the week trading against the British Pound in the region of 0.8644

    Today the Euro is trading against the British Pound in the region of 0.8613

    Last week’s less-than-impressive US employment data saw the Euro advance on its North American rival, and as trade began on Monday the common currency was edging toward a seven-week high.
    The Euro was able to achieve that seven-week high over the course of the week as a stream of positive data boosted the economic outlook of Germany, the Eurozone’s largest economy.

    German factory orders, industrial production and trade balance reports all surprised to the upside, supporting the common currency against several of its most traded peers.

    However, the EUR/GBP pairing came under pressure as the Pound broadly strengthened in response to UK developments.

    Strong UK services PMI and better-than-predicted construction output and trade balance figures, coupled with the Bank of England’s inflation report, buoyed Sterling and restrained the EUR/GBP paring.

    As the week nears its end the Euro is approaching a month-low against its British counterpart.

    The Euro also lost a little ground against the US Dollar as French industrial production unexpectedly plummeted in July.  


    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 Tuesday’s German CPI /ZEW economic sentiment survey and Eurozone industrial production figures, Wednesday’s German, Eurozone and French GDP and Friday’s Eurozone CPI.  

    Exchanging Euros?

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    Current Euro Exchange rates: 

    The Euro is trading against the Pound in the region of 0.8612

    The Euro is trading against the US Dollar in the region of 1.3375

    The Euro is trading against the Australian Dollar in the region of 1.4620

    The Pound is trading against the Euro in the region of 1.1611

    The US Dollar is trading against the Euro in the region of 0.7478

    The Australian Dollar is trading against the Euro in the region of 0.6845

     

    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 12.30 GMT on the 09/08/13