The Euro to Pound Sterling Exchange Rate was trading in the region of 0.8575 as of 14:52 pm GMT
The Euro has experienced more movement than a flappers skirt following a heavy news day.
As well as home-grown data, global economic developments have significantly influenced the Euro’s fluctuations.
Yesterday, disappointing advance 4Q GDP figures for the US weighed on the Euro as risk appetite was shaken by concerns that the world’s largest economy may not be recovering to the extent hoped.
Then the common currency fell against the Pound this morning following better-than-forecast housing and consumer confidence figures for the UK and a surprising drop in German retail sales.
Although losses were tempered as the day progressed, aided by an unexpected decrease in German unemployment, this report was swiftly followed by one which revealed a more extensive than anticipated drop in January’s German CPI levels.
This news, combined with a substantial increase in US jobless claims last week, caused the Euro to tumble from its dizzy 14-month high against the US Dollar.
The common currency also fell against other safe-haven rival the Japanese Yen for the first time in several days.
As one economist asserted: ‘There’s no doubt the German retail sales report was weak. If you’re hoping that German domestic demand is an engine that could help re-start peripheral economies, this is a vote against that. That’s a fundamental reason why the Euro came off a bit.’
Meanwhile, another industry expert commented that when it comes to the Eurozone ‘No one really believes it’s a massive, sustainable recovery […] We’ll get a lot of ups and downs.’ He added that the Euro probably won’t trade higher for the rest of the quarter.
Because of today’s declines the Euro’s gain for the year so far has dropped to 2.8 per cent.
Current Euro Exchange Rates
The Euro to Pound Sterling exchange rate is currently trading at 0.8575
The Euro to US Dollar exchange rate is currently trading at 1.3564
The Euro to Australian Dollar exchange rate is currently trading at 1.3015
The Euro to New Zealand Dollar exchange rate is currently trading at 1.6181
The Euro to Canadian Dollar exchange rate is currently trading at 1.3582
The Euro to Emirati Dirham exchange rate is currently trading at 4.9794
The Euro to Swiss Franc is currently trading at 1.2345
The Euro to Japanese Yen exchange rate is currently trading at 123.4640
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