The Euro has fallen against the Pound for a second day after the single currency was dragged downward by the release of disappointing data out of Germany. The Euro fell to session lows against the US Dollar.
According to the Nuremberg based Federal Labour Agency, the unemployment rate in Europe’s biggest economy stayed at 6.8%. The total number of those out of work in the nation rose however, jumping by 7,000 to a total of 2.95 million. Economists had been forecasting the figure to fall by 5,000.
The Bundesbank meanwhile cut the annual growth forecast for the nation’s annual growth for 2013 to 0.3% and the latest Consumer Price Index data came in worse than expected. The EU harmonised index fell from July’s level of 1.9% to 1.6% and the overall year by year index fell from 1.9% to 1.5%. On a month by month basis the index fell from 0.5% to 0.0%.
Solid UK figures added to the Pound’s strength after the UK Lloyds Business Barometer came in at 54, smashing the previous figure of 41 recorded in July.
Against the US Dollar the single currency tumbled after US data beat forecasts, raising the possibility of the Federal Reserve to begin tapering its monetary easing programme. Demand for safe havens was also boosting the ‘Greenback’.
The single currency is also under pressure by speculation that Greece will require a third bailout package in 2014 and the possibility of military action being launched against the Syrians.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3259 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4815 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.7009
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1694 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6749 >
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.5878 >
(Correct as of 14:30 pm GMT)
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