The Euro is little changed against the Pound and US Dollar following the release of better than expected German business climate data.
German business morale improved in July for a third consecutive month. According to the IFO institute the Business climate Index jumped to 106.2 in July, beating economist expectations of 106.1. In June the figure was 105.9.
“There might be one or more potholes on the road but in general the German economy is moving in the right direction,” said Mario Gruppe an economist at Nord LB in Hanover. “For the Euro area, there’s hope that the economy emerged from recession in the second quarter or at least flirted with stagnation.”
Unemployment in Germany also saw improvement after the figure unexpectedly declined in June.
“In total the economic conditions in the German economy remain fair, manufacturing is relatively strong and the retail sector, which has not been so strong, is picking up, the construction sector is in a strong upswing. The consumer is also spending more, domestic demand is relatively buoyant” said Gernot Nerb, a researcher for the IFO.
In Spain unemployment has fallen for the first time since it entered recession almost two years ago, but remains distressingly high. The unemployment rate dropped to 26.3% in the second quarter of the year thanks to the summer tourist season creating some jobs.
Current Euro (EUR) Exchange Rates
< Lower > Higher – Little Changed
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3187 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8615 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4402 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6426 <
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7565 >
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1621 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6921 <
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6056 <
(Correct as of 10:35 am GMT)
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