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Round-up for week ending 27/09/13
As another week kicked off, German Chancellor Angela Merkel’s landslide victory boosted the Euro against its peers and helped the EUR/GBP pairing advance.
However, over the course of trade on Monday the common currency fluctuated as the German/Eurozone services sectors expanded by more than expected while the manufacturing sectors of the currency bloc and its largest economy failed to climb to forecast levels.
The expectation that Thursday’s growth data would confirm economic expansion of 0.7 per cent in the second quarter of the year also restrained EUR/GBP movement.
By midweek a mixed bag of German sentiment data inspired further Euro movement, and after UK GDP data slightly disappointed expectations, the common currency was able to advance on the Pound.
While Sterling was boosted on Friday (reversing the Euro’s gain) after Bank of England Governor Mark Carney asserted that he saw no need for expanding stimulus, better than forecast economic, consumer, industrial and service confidence indexes brightened the Eurozone’s economic outlook and supported the Euro.
As the weekend bounded closer a report showing that German inflation held at a three-month low in September helped the Euro recover losses against the Pound, and the EUR/GBP pairing ends the week trading in the same region as it began it.
Next week EUR/GBP volatility can be expected as Eurozone data, the European Central Bank's rate decision and the US non-farm payrolls report all spur movement.
The Euro began the week trading against the British Pound in the region of 0.8418
Today the Euro is trading against the British Pound in the region of 0.8414
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 CPI, Tuesday’s German retail sales/employment figures and manufacturing PMI, Wednesday’s European Central Bank rate decision, Thursday’s Eurozone/German services PMI and Friday’s German producer prices. The outcome of the US government budget debate, Federal Reserve tapering speculation and Chinese manufacturing data are also likely to inspire notable market movement.
Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8414
The Euro is trading against the US Dollar in the region of 1.3544
The Euro is trading against the Australian Dollar in the region of 1.4545
The Pound is trading against the Euro in the region of 1.1888
The US Dollar is trading against the Euro in the region of 0.7383
The Australian Dollar is trading against the Euro in the region of 0.6875
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 14.20 GMT on the 27/09/13