The Euro has weakened for a fifth day against the Pound, hitting its lowest level in six-weeks after UK retail sales data beat economist expectations.
According to the UK based Office for National Statistics retail sales in the country leapt by 1.1% in July, smashing forecasts of a rise of just 0.6% and far outweighing Junes reading of 0.2% On a year-by- year period sales increased by 3%.
The single currency is likely to fall further against the Pound as the relentless improvement of the UK economy continues. As a result Sterling is now fixed in a bullish pattern which looks set to take the Pound to a weekly high.
Despite the Eurozone exiting its record long recession on Wednesday, a number of economists have expressed their concerns that the development is not likely to be the start of a strong revival to the economy. Unemployment remains at record highs in a number of member nations.
Analysts from BNP Paribas warned that quarter-on-quarter growth in the Eurozone may have turned positive for the first time in two years but risks remain skewed on the negative side, in stark contrast to the continuing healthy trend being seen in the UK and USA.
Against the US Dollar the Euro is trading firmer due to renewed uncertainty over when the US Federal Reserve will start to taper its monetary stimulus programme.
With no economic data released on Thursday the Euro is likely to see relatively subdued trading and any movements will be as a result of international factors.
Euro (EUR) Exchange Rates
As of 11:40 am
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3285 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8526 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4476 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6430 <
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3700 <
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