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Round-up for week ending 11/10/13
While disappointing UK trade balance and factory orders figures weighed on the Euro for the first half of the week, the EUR/GBP pairing rebounded as UK industrial/manufacturing production figures flopped.
A separate report also showed that the UK’s trade deficit narrowed by less than expected.
Meanwhile, German industrial production surged and the European Central Bank announced its intention to establish a currency swap line with the People’s Bank of China.
Further support was offered as European Central Bank President Mario Draghi intimated that interest rates would be held at record lows for the foreseeable future, and could be cut further if significant volatility returned to money markets.
On Friday data revealed that German inflation was unchanged in September from the previous month, as economists had predicted, while UK construction output declined unexpectedly.
In the hours following the UK construction report’s publication the Euro surged to a six-week high against its British rival.
The Euro began the week trading against the British Pound in the region of 0.8449
Today the Euro is trading against the British Pound in the region of 0.8493
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 industrial production report, Tuesday’s German and Eurozone ZEW economic sentiment surveys, Wednesday’s Eurozone consumer price index and Thursday’s Eurozone construction output data. The outcome of the US federal shutdown and default discussions will also be of considerable interest.
Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8504
The Euro is trading against the US Dollar in the region of 1.3559
The Euro is trading against the Australian Dollar in the region of 1.4330
The Pound is trading against the Euro in the region of 1.1760
The US Dollar is trading against the Euro in the region of 0.7378
The Australian Dollar is trading against the Euro in the region of 0.6979
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 16.25 GMT on the 11/10/13