The Euro has strengthened against the British Pound and edged up against the US Dollar after data showed that new car sales across Europe rose for the first time since September 2011, the rise has generated optimism that the troubled region could be seeing the beginnings of a recovery.
New registrations rose by 1.8% to 108 million in April, compared to the same period a year ago, but although the figure was an improvement on last year, in absolute numbers it was the third lowest total for April on record.
The rise in new car registrations suggests that consumers are more optimistic about their economic prospects. Gian Primo Quagliano, the head of automotive research company CSP in Bologna Italy said that the recent talk from European leaders that they could begin easing their austerity programmes in favour of growth friendly ones has helped.
“The recovery of sales in Germany is positive and may be an indication that consumers are getting back into the market on signs that austerity in Europe may be close to an end. When the car market changes direction, the reason is never just related to technical calendar affects.”
Car sales improved in Germany, the UK and surprisingly Spain which improved by 10.8%. The nation also surprised economists by showing an improvement in consumer confidence which also helped
“Hopefully the worst is over,” said Hans-Peter Wodniok, an analyst at Fairesearch GmbH in Kronberg, Germany. “For the rest of this year, the market will probably be less negative than it was before,” with “no more dramatic falls” in the southern part of the region.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.2879
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8445
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3189
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.5874
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7764
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1835
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7567
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6304
(Correct as of 11:45am GMT)
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