The Euro softened against the Pound on Tuesday following the publication of data which added further support to signs that the UK economy is recovering at a faster rate than previously expected.
Sterling remains trading close to its highest level since January against the Euro after Construction PMI data beat economist forecasts. Against the US Dollar the UK currency pushed higher to a 27-month high and once again resumed it’s upwards momentum against the Australian Dollar.
According to the report Britain’s construction sector unexpectedly improved in November. The Markit/CIPS construction PMI climbed to 62.6 in November, up from the 59.4 recorded in October. The figure was higher than expectations as economists had been expecting the figure to fall.
“Construction activity continues to spring back to life during the final months of 2013,” said Tim Moore, senior economist with Markit, although he stressed the recovery was coming from a low base.
The Euro briefly found support early in the session after data out Spain showed that unemployment in the struggling nation fell unexpectedly in November. Instead of rising by 44.3k the data showed a fall of -2.5k from the previous month’s figure of a rise of 87k. Consumer confidence in Spain also improved, rising to 72.3 in November from the previous months reading of 65.3.
The Eurozone also released its latest Producer Price inflation data. PPI across the single currency region fell more-than-expected in October. According to Eurostat it fell to a seasonally adjusted figure of 0.5% more than the expected decline of 0.2%. Year-over-year, the producer price index declined at an annualized rate of 1.4% its lowest reading since December 2009.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3566
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8267
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4878
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6494
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7370
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.2095
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6720
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6061
(Correct as of 11:00 am GMT)
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