The Euro has weakened against the British Pound and made losses against a number of its most traded peers after Monday’s trade surplus data showed that the Eurozone’s trade surplus narrowed in April.
According to Eurostat Euro-zone exports declined in April for the first time in four months as the single currency region struggles to recover from its longest recession on record. Exports fell by a seasonally adjusted level of 0.8% from March, when they increased by a revised 2.6%. The number of imports increased in April by 0.5% causing the Eurozone’s trade surplus to narrow to €16.1 billion.
One bright point was that Italy posted a trade surplus in April, mainly due to shrinking imports as the country’s recession continues. On a seasonally adjusted basis the amount of goods imported into the country fell by 0.9% on a month-by-month basis. The trade surplus of €1.9 billion contrasting with the €250 million deficit recorded at the same time last year. Exports from Germany, Europe’s largest economy, grew by 3% in April to 41.9 billion Euros, today’s report showed.
Also weighing on the single currency were weekend calls from the French government for a weaker Euro. At a conference France blamed the governments of Britain and Germany for creating the economic hardships across the European Union.
Struggling to emerge from its public debt and banking crisis, the Euro zone is looking to both foreign demand and consumers to help ignite economic growth whilst the bloc is in its longest recession since its creation in 1999.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3342
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8486
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3882
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6512
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7495
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1782
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7205
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6062
(Correct as of 11:00 am GMT)
