Yesterday the European Central Bank’s decision to leave economic policy and interest rates unaltered, coupled with a more positive than anticipated economic statement from Mario Draghi, pushed the Euro to over 1.32 against the US Dollar.
The Euro Exchange Rate was in the region of 1.3236 against the US Dollar as of 11:45 am GMT
The European currency broadly strengthened as Draghi announced: ‘Recent developments in economic sentiment data have shown some improvements […] Euro-area economic activity should stabilise and recover over the course of the year albeit at a subdued pace. We will monitor very closely all incoming developments and we stand ready to act.’
The Euro also leapt to 1.3953 against a bearish Australian Dollar (EUR/AUD)
Euro advances against the Pound were limited however, as the British currency turned bullish against its rivals on the strength of positive domestic data and outcome of the Bank of England’s most recent meeting.
As the European session progressed the Euro benefited from a report detailing the biggest surge in German industrial production in over a year. Although economists expected no change, production climbed by 1.8 per cent in April, following a 1.2 per cent advance in March.
After the data was published economist Mario Gruppe commented: ‘The German economy is gradually exiting the weak phase that it had around the turn of the year. It is however a growth path that has a few potholes in it. It will be a recovery that now and again has setbacks.’
Earlier in the day Bundesbank, Germany’s central bank, cut its growth forecast for the Eurozone’s largest economy, but with the nation’s business confidence improving there are hopes of a turnaround occurring in the months ahead.
This afternoon’s US non-farm payrolls report could cause significant Euro fluctuations before the close of trade.
Current Euro (EUR) Exchange Rates
< Lower > Higher – Little Changed
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3236 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8504 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3930 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6671 >
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7555 >
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1757 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7173 <
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6022 <
(Correct as of 11:45 GMT)
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