The Euro is little moved against the Pound and US Dollar but is continuing its advance against the rapidly tumbling Australian Dollar in a session that is offering little in the way of influential data releases.
Earlier in Tuesday’s trading session the single currency was able to firm against Sterling after data out of Italy showed that consumer confidence in the southern European nation increased thanks to the richer northern part of the country benefiting from fairly strong exports. The southern regions were little changed whilst the political heartland in and around Rome saw confidence fall as faith in Italy’s politicians continues to wane.
The Italian data managed to override concerns caused by a rise in unemployment in Finland and the comments made by European Executive Board member Benoit Coeure. Mr Coeure gave off mixed signals regarding the possible implementation of negative interest rates and seemed to talk down the effects of deflation in the Eurozone.
The Pound meanwhile climbed close to a one-month high against the US Dollar after Bank of England Governor Mark Carney reiterated that the UK economy has expanded quicker than other developed economies including the US.
“The BOE’s belief is still that we are at the onset of sustained long-term recovery, It doesn’t seem that the Bank is worried about disinflation or premature tightening in monetary conditions. Those two could encourage renewed bets on earlier removal of monetary easing. That could continue to support the Pound,” said Valentin Marinov, head of European G-10 currency strategy atr Citigroup Inc.
Tomorrow will see the GBP/EUR pair make movements as the latest GDP data for the UK is released. Economists are expecting the reports to show that there is a growing disparity between the UK and Eurozone economies.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3554
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8372
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4795
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6481
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7377
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1944
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6759
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6067
(Correct as of 13:00pm GMT)
Comments are closed.