The Euro has edged upward against the British Pound after the latest Bank of England minutes disappointed some economists after the Central Bank once more opposed introducing more stimulus measures and as data showed that Construction output across the Eurozone improved in April.
Construction output in the 17-nation Eurozone jumped in April with investors hailing the improved figure as a sign that activity in the region is improving after posting sixth consecutive quarters of economic contraction.
According to the European statistics agency, Eurostat construction output rose by 2% in April compared to March’s monthly decline of 1.8%. On a year by year basis activity in the sector remains weaker, but the 6.6% decline was smaller than the 7.3% annual drop reported in the previous month.
Construction output in Germany soared by 6.75% in April, up 5.9% in Portugal and grew by 5.5% in Italy compared to the previous month. France squeezed out a 0.2% rise whereas Spain continues its decline with a weakening of 3.1% in April.
Eurostat also provided activity by sector which showed that building construction grew 1.1% on the month in April and fell 6.1% on the year. Civil engineering, meanwhile, was up 3.9% from March and declined 8.1% from April 2012.
Both sectors posted a stronger performance than in March.
The markets are looking ahead to the Fed’s rate statement and press conference due late on Wednesday, which it is hoped will clarify the Central Bank’s stance on monetary policy, after Fed Chairman Ben Bernanke said last month that the bank could begin to taper asset purchases if the economy continued to improve.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3390
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8574
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4090
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6728
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7462
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1682
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7101
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.5983
(Correct as of 11:25 am GMT)