Round-up for week ending 06/09/13
The Euro began the week trading against the British Pound in the region of 0.8486
Today the Euro is trading against the British Pound in the region of 0.8404
This week EUR/GBP movement has been primarily driven by UK news, and as the majority of that news happened to trump forecasts the Euro has been feeling the pressure.
Although the Eurozone has seen some encouraging data over the past five days, such as stronger than expected GDP figures for the 17-nation currency bloc, better-than-expected UK manufacturing, construction and services PMI has shown the UK economic recovery to be outstripping that of its rival.
Further Euro losses occurred on Thursday as the European Central Bank delivered its rate decision. While holding rates at record lows Draghi was keen to reinforce how tentative the Eurozone’s recovery is at the moment.
However, although this event weakened the Euro it was Friday’s US non-farm payrolls report which really saw the common currency slide. After the US economy was shown to have added less jobs than expected in August the Euro slumped to a seven-month low against the Pound.
The EUR/GBP pairing is likely to remain bearish into the weekend.
What to look out for next week:
The most influential pieces of economic data from the Eurozone to look out for next week include Monday’s Eurozone Sentix Investor Confidence, Tuesday’s Italian GDP, Wednesday’s German CPI, Thursday’s Eurozone industrial production report and Friday’s Eurozone trade balance figures. The publication of minutes from the European Central Bank’s latest policy meeting will also be of particular interest.
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Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8398
The Euro is trading against the US Dollar in the region of 1.3130
The Euro is trading against the Australian Dollar in the region of 1.4289
The Pound is trading against the Euro in the region of 1.1905
The US Dollar is trading against the Euro in the region of 0.7624
The Australian Dollar is trading against the Euro in the region of 0.7006
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 06/09/13