The Euro has strengthened further against Sterling following the release of data which shows that confidence in the Eurozone improved in June adding to the positive tone set by the improvement in the German unemployment rate.
According to the European Commission’s index of consumer and executive confidence, sentiment rose to 91.3 in June, up from the 89.5 figure recorded in May. The figure beat economist expectations of a reading of 90.4.
The data adds to investor belief that the 17-nation currency bloc is starting to recover from its longest recession since the advent of the troubled common currency. Eurozone Industrial confidence also showed signs of improvement, with it rising from -13 in May to -11.2 in June. The Business climate Indicator also saw signs of improvement with it rising from -0.75 to -0.68.
Euro-zone services confidence however saw signs of further decline as it fell from May’s -9.2 to -9.5 in June suggesting that the regions service sector is continuing to struggle as EZ citizens limit their spending.
“The Euro area economy has shown signs that it should stabilize at some stage in the second half of the year, but an upturn does not seem imminent. Of course, Eurozone markets have not been immune to global events” said Philip Shaw at Investec.
Adding to signs that the currency bloc could be about to make an improvement was the release of data showing that German unemployment mad an unexpected decline in June amidst signs that Europe’s largest economy is on track for its recovery. The nation’s unemployment rate held steady at 6.8%.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3017
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8517
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4005
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6661
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7672
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1760
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7143
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6006
(Correct as of 11:00 am GMT)