During North American trade the Euro was briefly able to push above 86 pence per Euro, but early into the European session the common currency shed gains, declining against both the Pound and US Dollar.
The Euro Exchange Rate was in the region of 0.8572 against the British Pound as of 11:10 GMT
A report detailing expansion in the UK’s manufacturing sector helped the Pound edge away from an over four-week low against the Euro yesterday, and Sterling was able to consolidate gains as a report published this morning showed that the UK construction sector also expanded.
Although Markit’s index of construction only climbed to 51 in June from May’s 50.8, and didn’t rise to the 51.2 expected, it is still a positive result for the British economy.
The Euro to Pound (EUR/GBP) Exchange Rate hit a high of 0.8611 pence
Meanwhile, over in the Eurozone, producer price inflation declined by more than forecast in May. The seasonally adjusted 0.3 per cent drop was slightly above the 0.2 per cent fall estimated. Year on year, the producer price index was down by 0.1 per cent in May. Economists had predicted stagnation.
The Euro was little changed against its main peers after the report was published.
With the European Central Bank due to deliver its highly anticipated rate decision and policy statement on Thursday movement in the Euro is likely to be fairly restrained in the days ahead, although the Bank of England’s policy statement could also cause fluctuations in the EUR/GBP pairing. Data from the US (including Friday’s highly anticipated employment figures) will also be of interest.
Elsewhere in the currency bloc, news that Portuguese Finance Minister Vitor Gasper has resigned just two-weeks before the IMF and EU begin their next round of bailout assessments caused concern regarding Portugal’s economic recovery.
Current Euro (EUR) Exchange Rates
< Lower > Higher – Little Changed
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3025 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8572 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4181 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6712 >
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7676 >
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1666 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7054 <
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.5978 <
(Correct as of 11:10 GMT)
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