Although the Euro dipped against its US counterpart over the weekend the common currency strengthened as the European session progressed, advancing from 1.3316 to 1.3341 US Cents.
The Euro Exchange Rate was in the region of 1.3347 against the US Dollar as of 11:25 GMT
Although a light news day is likely to minimise market movement today the Euro remains supported as investors look ahead to this week’s big news, the Federal Open Market Committee’s two-day policy meeting.
The common currency was little changed after a report showed that the Eurozone’s trade surplus declined in April.
The 17 nation currency bloc posted a trade surplus of 14.9 billion Euros in April, down from the revised 22.5 billion Euro surplus recorded for March.
On a seasonally adjusted basis the surplus declined from 18.1 billion Euros to 16.1 billion.
The report also showed that after stagnating in March exports grew by 9 per cent in April year-on-year, while imports advanced by 1 per cent.
Month-on-month exports fell by a seasonally adjusted 0.8 per cent from March to April. Imports increased by 0.5 per cent.
After the report was published senior ING Group economist Carsten Brzeski asserted: ‘These numbers are a small setback. You cannot say that exports are a real growth driver at the moment. To see a more sustainable recovery of the Eurozone we’ll have to wait for the second half of this year.’
The figures left the Euro trading in the region of 1.3345 against the US Dollar
Separate data showed that the hourly cost of labour in the Eurozone increased at the faster pace of 1.6 per cent year-on-year in the first three months of 2013.
While the main driver of market movement this week is likely to be news from the US (most notably any comments issued by the Fed regarding monetary easing) several pieces of Eurozone data could also inspire Euro fluctuations. Investors will be looking out for tomorrow’s German/Eurozone ZEW economic sentiment surveys and Thursday’s German/Eurozone services and manufacturing PMI.
Current Euro (EUR) Exchange Rates
< Lower > Higher – Little Changed
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3347 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8490 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3880 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6521 <
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7495 <
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1778 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7202 >
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6059 >
(Correct as of 11:25 GMT)
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