After strengthening against its US counterpart yesterday on the back of better-than-expected manufacturing figures for the Eurozone, the Euro was able to extend gains this morning following the publication of employment figures for Spain.
The Euro Exchange Rate was in the region of 1.3073 against the US Dollar as of 10:40 am GMT
According to the latest data unemployment change in the Eurozone’s fourth largest economy dropped by 98,300 in May, wildly exceeding economist’s estimates for a decline of 50,200 and offering hope to a nation attempting to battle 27 per cent unemployment.
Euro strengthens against the US Dollar
The unexpected result saw the Euro strengthen to 1.3082 against the US Dollar.
As the European session progressed the Euro was little changed following the publication of data showing that in April the Eurozone’s Producer Price Index fell by 0.2 per cent, year-on-year. The result met economists’ expectations.
However, month-on-month prices fell 0.6 per cent, exceeding economists 0.3 per cent decrease expectations.
The data also showed that energy prices in the currency bloc experienced their biggest decline since mid 2009, falling by 1.6 per cent from March to April – down 2 per cent on the year.
Today’s US trade balance figures will be the next cause of movement in the EUR/USD pairing.
Eurozone news of interest tomorrow includes German Services PMI, Eurozone Services PMI, Eurozone first quarter GDP and retail sales figures.
Current Euro (EUR) Exchange Rates
< Lower > Higher – Little Changed
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3073 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8553 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3540 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6297 >
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7649 >
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1691 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7385 <
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6140 <
(Correct as of 10:40 GMT)
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