Yesterday the Euro was able to gain on its peers following an unexpectedly strong German factory order report. Today the common currency received another boost from a second piece of surprising German data.
The Euro Exchange Rate was in the region of 0.8471 against Pound Sterling as of 11:39 am GMT
The outlook for Germany, the Eurozone’s largest economy, brightened today as industrial production in the nation rose by 1.2 per cent in March, following February’s gain of 0.6 per cent.
As economists had predicted production to drop by 0.1 the figures released by the Berlin based economy ministry were a pleasant surprise.
Today’s data also showed that manufacturing output increased by 1.4 per cent in March, although construction activity did drop by 3.1 per cent (cited as largely due to unseasonably cold weather)
Year on year, production was down 2.5 per cent, although it was up 0.2 per cent in the first quarter of 2013 from the final quarter of 2012.
In response to the data one economist noted that although other economic indicators hint that the ‘road to recovery will be bumpy […] Companies are becoming more willing to invest as worries over the more catastrophic scenarios seen in mid-2012 for the Eurozone recede.’
Similarly, UniCredit Research economist Andreas Rees stated: ‘The outlook for later this year is still hanging in the balance as the global economy could slow somewhat. Still, we should have growth in the first and second quarters.’
After the report was published the Euro gained modestly against peers including the US Dollar and British Pound.
Earlier today the Pound declined following the publication of weaker-than-expected UK retail sales figures.
Tomorrow the release of the European Central Bank’s monthly report is likely to trigger Euro movement.
Current Euro (EUR) Exchange Rates
< Lower > Higher
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3125 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8471 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.2872 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.5651 >
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7621 <
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1804 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7759 <
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6392 <
(Correct as of 11:30 GMT)
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