Euro News – Euro Extends Declines against the Pound

  • Round-up for week ending 16/08/13

    The Euro began the week trading against the British Pound in the region of 0.8591

    Today the Euro is trading against the British Pound in the region of 0.8533

    Despite some positive economic news brightening the Eurozone’s economic outlook this week, the Euro has softened against a rallying Pound and is set to post a five-day decline against its British rival.

    Over the last few days the news that the Eurozone returned to growth in the second quarter, as well as data showing that the German and French economies expanded by more than expected, has supported the common currency against peers like the US Dollar and Swiss Franc.

    However, with the Pound surging as a result of better-than-forecast UK employment, housing and retail sales figures, the Euro has been stuck in a bearish relationship with Sterling.

    Although the Eurozone returning to growth after a record long recession is a positive step on the currency bloc’s long and winding path to recovery, industry experts have cautioned that risks remain on the negative side.
    The Euro has fluctuated against the US Dollar this week as ongoing speculation regarding the Federal Reserve and the tapering of quantitative easing has alternately strengthened and weakened the ‘Greenback’.

    As the weekend nears the Euro has strengthened modestly against the US Dollar as the North American asset slid following the release of worse-than-forecast domestic building permits and housing starts data.

    What to look out for next week:

    In a light news week, the most influential pieces of economic data from the Eurozone to look out for include Friday’s manufacturing/services PMI and consumer confidence report.

    Exchanging Euros?

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    Current Euro Exchange rates: 

    The Euro is trading against the Pound in the region of 0.8533

    The Euro is trading against the US Dollar in the region of 1.3350

    The Euro is trading against the Australian Dollar in the region of 1.4520

    The Pound is trading against the Euro in the region of 1.1710

    The US Dollar is trading against the Euro in the region of 0.7496

    The Australian Dollar is trading against the Euro in the region of 0.6877

     

    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 02.30 GMT on the 16/08/13