The Euro recovered some ground against the Pound after data showed that unemployment in the Eurozone fell for the first time in four years suggesting that the regions failing recovery may be resuscitated.
Following a string of disappointing data releases out of all of the Eurozone’s member nations in recent days the unemployment data offers a glimmer of hope that the much hoped for economic recovery could still be able to reassert itself. Unemployment has been a huge problem for the region’s economy and any fall is welcome. The fact that today’s data showed the first decline in unemployment in four years suggests that some improvement has occurred.
The jobless rate remains close to an all-time high and economic growth in the Eurozone contracted in the third quarter but today’s data offers some hope. Youth unemployment increased yet again to 24.4% in October. Spain saw unemployment tick higher to 26.7% as the summer tourist season ended.
Further gains for the single currency were restrained as retail sales fell in Germany and France reported a worse than expected fall in consumer spending. Expectations are growing that the regions second largest economy will slide back into recession.
News from Spain and Greece showed some improvement in the struggling economies. Business confidence in the country improved from -14 to -12.7, beating expectations for -13.21 and Greek retail sales fell less than expected.
Sterling fell after data showed that net lending to individuals in the U.K. rose by £1.7 billion in October, after an upwardly revised £2.2 billion increase in the previous month, the figure was below economist expectations for a £2.1 billion rise.
Euro (EUR) Exchange Rates
As of 10:45 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3602
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8336
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4952
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6749
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4398
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 139.1901
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2313
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1993
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7349
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6687
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.5969
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.6945
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8120
