The Euro edged higher against the Pound and climbed strongly against the US Dollar as worse than forecast jobs data out of the US weighed upon the Dollar and as the markets ignored calls by a French Minister for the Euro to be weakened.
In an interview with French newspaper ‘Le Parisien’, the French Minister of Industrial Renewal Arnaud Monterbourg , called for the value of the Euro to be cut citing that the single currency is too high and urged the European Central Bank to take measures to reduce its value by as much as 20%. Monterbourg went on to say that such a reduction in the value of the Eurozone’s currency could reduce the French fiscal deficit by a third and would create up to 300,000 new jobs in the region.
The Frenchman’s comments were ignored by the markets however as the Euro strengthened higher against many of its peers and edged higher against Sterling despite the fact that data showed that UK public sector borrowing for September was better-than-forecast suggesting that the UK’s economic recovery is picking up speed.
“The economic recovery is starting to make its presence felt,” said Martin Beck, an economist at Capital Economics Ltd. in London. “The improvement in the housing market should play quite an important role in public finances now that house price are picking up as well as transactions. There will almost certainly be an undershoot now. This is good news for the government.”
The next major piece of data for the Euro is published on Wednesday and is expected to show that consumer confidence in the Eurozone improved slightly in October.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3666
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8476
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4159
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6199
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7317
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1797
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7062
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6173
(Correct as of 15:00 pm GMT)
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