Although several pieces of less-than-impressive economic data have been released from the Eurozone today the Euro is standing its ground against Sterling as investors await the outcome of today’s gathering of finance ministers from the Eurozone.
The Euro to Pound Sterling Exchange Rate was in the region of 0.8604 as of 11:55 GMT
As the finance chiefs gather in Brussels the Euro continues to trade above 86 pence per Euro and was slightly stronger against the US Dollar.
The Euro exchange rate was relatively unaffected by reports showing that German exports unexpectedly declined while imports expanded, leaving the largest economy in the Eurozone with a smaller trade surplus than estimated. Separate data revealed an unforeseen decline in investor confidence.
The Sentix investor confidence index for the Eurozone was expected to climb from -11.6 to -11.4 in July, but the measure actually fell to -12.6 – indicating that investors are struggling to believe that the worst of the Eurozone crisis has passed.
The Euro to Pound (EUR/GBP) exchange rate hit a high of 0.8649 pence per Euro
Finally, German industrial production slumped by more than forecast in May, with production sliding 1 per cent from the previous month – twice the 0.5 per cent drop estimated and the first decline since January. Production was down by an annually adjusted 1 per cent year-on-year.
However, the Euro has been supported by news that Greece is likely to be granted approval regarding its next instalment of fiscal aid when the Finance Ministers meet this afternoon.
Pound movement is limited ahead of the publication of UK industrial production data, due out tomorrow.
Last week the common currency broadly declined as the European Central Bank issued a dovish policy statement and political upheaval in Portugal dented confidence in the Eurozone.
News which could impact the Euro in the days ahead includes German CPI and Eurozone industrial production figures.
Of course, US developments will remain a major cause of market volatility.
Current Euro (EUR) Exchange Rates
< Lower > Higher – Little Changed
The Euro/US Dollar Exchange Rate is currently in the region of: 1.2850 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8622 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4160 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6600 <
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7783 <
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1598 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7073 >
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6023 >
(Correct as of 11:35 GMT)
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