The Euro has fallen against the US Dollar and weakened against most of its most traded peers after the latest Eurozone unemployment data showed that the number of people out of work increased yet again.
Inflation across the Eurozone increased from a three-year low in May as the price of electricity, fruit and vegetables increased. According to the EU statistics agency Eurostat, consumer prices across the single currency region increased by 0.1% on the month in May. The data now puts the regions annual inflation rate at 1.4% compared to the 1.2% recorded in April.
Inflation in Germany, the Eurozone’s strongest economy, soared to 1.6% on the yea in May compared to the 1.1% posted in April. France and Italy both remained relatively flat as those economies continue to falter.
The 1.4% figure for the wider Eurozone is a long way short of the European Central Bank’s target rate of 2%. The ECB left interest rates unchanged in May slightly lowered its growth outlook and discussed a raft of other policy options it could take if the euro zone does does not emerge from recession later this year.
Adding to the Eurozone’s woes is the latest unemployment data which showed that the number of people in work across the region declined by 0.5% in the first quarter of 2013. The decline marks the seventh quarter in a row where employment has fallen. The data now means that the total employment rate across the Eurozone is down to the lowest level in seven years.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3318
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8519
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3855
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6502
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7500
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1741
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7199
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6044
(Correct as of 11:45 am GMT)