With Greece due to experience upheaval as a result of a general strike tomorrow, Athens has been brought to a halt a day early by striking municipal police officers. The law enforcers are protesting against the plan to make 15,000 public workers redundant and hope that their actions will make MP’s turn against the idea, which was proposed by Greece’s public lenders.
The Euro to Pound Sterling Exchange Rate is currently trading in the region of 0.8641 as of 14:50 GMT
According to the Associated Press: ‘The rally launched a week of planned demonstrations against the latest round of austerity measures that will impose staff cuts on teachers and local government. Municipal authorities across Greece including the Athens municipal police, who are generally tasked with checking parking violations and checking street vendors have suspended services for three days, while unions have called a general strike for Tuesday. […] The measures are to be voted by parliament this week and are the first major political test for Conservative Prime Minister Antonis Samaras since a left-wing party abandoned his coalition government last month, leaving it with a reduced majority.’
With economic news for the Eurozone a little thin on the ground today the Euro declined slightly against the Pound after a business outlook survey by Markit showed that UK business confidence reached a six-year high.
The outlook for the Eurozone, on the other hand, wasn’t quite so positive.
The Euro to Pound (EUR/GBP) exchange rate hit a low of 0.8590 pence per Euro
According to Markit economist Chris Willamson: ‘The Eurozone remains a weak spot in the global picture, though far less so than late last year. However, while there are signs of rising optimism in the periphery, notably Spain and Ireland, the mood in France and Germany remains subdued compared with earlier in the recovery, which will restrain the overall pace of economic recovery for the region.’
Meanwhile, the Euro declined modestly against the US Dollar as separate reports showed that US retail sales gained by less-than-expected while manufacturing was able to trump estimates.
Eurozone news to watch out for this week includes tomorrow’s CPI/trade balance and economic sentiment data, Thursday’s current account figures and the G20 meeting of Finance Ministers and Central Bank Governors on Friday.
Current Euro (EUR) Exchange Rates
< Lower > Higher – Little Changed
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3042 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8641 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4368 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6719 <
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7666 >
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1573 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6956 >
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.5981 >
(Correct as of 14:50 GMT)
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