The Euro is little moved against the Pound and other peers following the release of data that was largely disappointing.
Early in the session data out of France showed that industrial production in the struggling nation fell by 0.3% in October, a figure that fell below economist expectations for growth of 0.15%. The October decline confirms a steady shrinking of output in industry. Over the three months through October, industrial production was 0.6% below the previous three months.
On the heels of the French release was Italy’s industrial output and GDP data. Production fell by 0.5% on a year-on-year but was an improvement on the expected decline of 2.8%. On a month-by-month basis output ticked higher from 0.2% to 0.5% in October. GDP data for the country also showed signs of improvement. Instead of the expected decline of -0.2% GDP stagnated at 0%.
Data out of Greece however disappointed as the embattled nation saw its balance of trade fall from €-1.63 billion to €-1.96 billion. Industrial production also fell again to -5.2%.
Against the US Dollar the Euro is trading close to a six-week high and at a five-year high against the Japanese Yen as attention focuses on the dwindling supply of spare cash in the Eurozone banking system and the ECB’s lack of action to bolster the regions flagging recovery.
The single currency remains supported as the ECB chose to maintain interest rates at a record low at its last policy meeting. In comparison to the USA’s Federal Reserve and Bank of England the ECB has so far refrained from implementing monetary easing measures.
Analysts will be watching closely to see exactly how tight things have got later when the ECB attempts to get banks to park cash with it to offset its controversial sovereign bond purchases of the past.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3746
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8364
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5074
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6584
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7274
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1955
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6631
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6029
(Correct as of 10:35 pm GMT)
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