Round-up for week ending 13/09/13
The Euro began the week trading against the British Pound in the region of 0.8422
Today the Euro is trading against the British Pound in the region of 0.8377
After another less-than-impressive week for the Euro, the common currency is preparing to post a second consecutive 5-day decline against the Pound.
The Pound has been boosted this week by statements issued by the Chancellor of the Exchequer and Bank of England Governor, both of which presented the UK’s economic recovery in a positive light.
Meanwhile, the UK unemployment rate unexpectedly declining to 7.7 per cent provided Sterling with additional support and saw the EUR/GBP pairing hit its lowest level since January.
Other factors adversely affecting the Euro this week include Italian political concerns, falling industrial production in the Eurozone and Federal Reserve tapering speculation.
As well as hitting fresh multi-month lows against the Pound, the Euro has declined against the US Dollar this week as investors debate the likelihood of the Fed opting to reduce its current level of asset purchases.
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 inflation data, Tuesday’s German ZEW economic sentiment survey and Friday’s Eurozone consumer confidence index. However, the main cause of currency market next week is likely to be the Federal Open Market Committee’s policy meeting and rate decision, taking place on Wednesday.
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Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8377
The Euro is trading against the US Dollar in the region of 1.3289
The Euro is trading against the Australian Dollar in the region of 1.4365
The Pound is trading against the Euro in the region of 1.1934
The US Dollar is trading against the Euro in the region of 0.7524
The Australian Dollar is trading against the Euro in the region of 0.6962
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 15.10 GMT on the 13/09/13