The Euro has softened against the Pound following the release of the minutes for the Bank of England’s November policy meeting.
Sterling initially softened after the minutes were released as investors digested the news that some of the Bank’s policy makers believe that interest rates will have to stay at the record low level of 0.5% even after the nation’s unemployment rate hits the Bank’s target of 7%. The Pound then recovered to maintain its gains against the Euro.
“Heading into the minutes Sterling got a bit bid. There was a bias for a hawkish set of minutes and what you got was something quite balanced and the Pound just gave back what it had made,” said a currency strategist at National Australia Bank Ltd.
The Euro’s losses were tempered after data out of Spain showed that exports out of the struggling nation increased. According to the Madrid based Economy Ministry exports rose by 8.3% in September from the previous year.
“The rise in Spanish exports to emerging economies is particularly striking,” Deputy Trade Minister Jaime Garcia-Legaz Ponce said during a news conference in Madrid. Spanish exports have been boosted by Spain’s gains in competitiveness and an increase in the number of exporting companies, he said.
Other data released in the single currency region saw German Producer Price Index data come in below forecasts. The data which was released early in the session sent the GBP/EUR pair higher. In the Netherlands consumer confidence improved, rising from the -27 reading recorded in October to -18 in November.
The next major pieces of data for the Eurozone are released on Thursday and include Purchasing Manager Index reports for France, Germany and the wider Erozone. Current account data for Portugal and unemployment data for the Netherlands are also due for release.
Euro (EUR) Exchange Rates
As of 11:15 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3520
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8385
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4385
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6220
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4144
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 135.2074
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2327
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1926
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7396
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6951
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6164
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7070
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8107
