Last week the Euro posted a five-day gain of 1.1 per cent against the Pound, rallying close to a month high against its British rival, as stronger-than-anticipated Eurozone retail sales, employment and services data boosted the outlook of the 17 nation currency bloc.
The Euro to Pound Exchange Rate is currently trading in the region of 0.8449 as of 12:50 GMT
The Euro’s advance on the Pound was also aided by speculation that Sterling’s recent climb had been excessive.
However, the EUR/GBP pairing shed gains as the Sentix investor confidence index for the Eurozone fell unexpectedly.
Although the sentiment gauge held in positive territory in October, it slipped from 6.5 to 6.1 rather than climbing to 8.5 as forecast.
The result was accompanied this statement from Sentix; ‘After [September’s] record-breaking leap, there was a small drop of 0.4 points in October and that should be interpreted as stabilisation at a level that is now healthy again. That means annual gross domestic product (GDP) growth in the Eurozone probably normalised in the current quarter because if the overall index has a value of zero, it means that optimism and pessimism about the economy are in balance.’
The EUR/GBP Exchange Rate hit a low of 0.8430
Despite this report, the Euro modestly extended a gain against its US counterpart as fears that the US debt ceiling will come crashing down on the nation kept the ‘Greenback’ restrained.
While the gauge didn’t prompt much Euro movement, the EUR/GBP pairing slipped as the Pound advanced following the publication of an encouraging business confidence measure for the UK.
Although US news will remain at the forefront this week, Euro fluctuations could also be triggered by German wholesale price/trade balance/factory orders figures, European Central Bank President Mario Draghi’s speech in Massachusetts, the publication of the ECB’s monthly report and German inflation data.
Current Euro (EUR) Exchange Rates
< Lower > Higher
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3574 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8449 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4418 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6414 >
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7365 <
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: 0.6938 <
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6091 <
(Correct as of 12:50 GMT)
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