Tuesday saw the release of data which could potentially mark a turning point in Spain’s economic woes. Unemployment unexpectedly fell and consumer confidence came in above forecasts giving some indication that a recovery could be in sight.
According to the data released by the Spanish Statistical Institute, unemployment fell in November by 2.5k, a figure that took economists by surprise as they predicted that the number of Spaniards out of work would rise by 44.3k. Consumer confidence too came in far better than expected.
In November confidence climbed to 72.3, up from the 65.3 in the previous month and beating forecasts for a figure of 66.4.
Another report was also released, one that wasn’t so positive.
A global survey of international perceptions of official corrupted compiled by Transparency international saw Spain drop to 40th place due to a recent bout of scandals in the Spanish government. Only Syria, which is embroiled in a vicious civil war fell more places.
Corruption in the country was exposed earlier this year when the former treasurer of Spain’s People’s Party told a judge that he had channeled cash donations from construction firms into politicians’ pockets, and he was found to have almost 50 million Euros in a Swiss bank account.
Greece remains the most corrupt country within the Eurozone rising slightly to 80th position from 94 in the previous study.
The Euro fell against the Pound following the release of better-than-expected Construction PMI data from the UK. According to data released by the UK’s Office for National Statistics showed that construction output jumped to 62.6 in November, beating expectations for 59.
Euro (EUR) Exchange Rates
As of 09:50 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3565
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8269
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4885
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6499
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4433
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 139.6598
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2298
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.2092
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7371
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6713
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6056
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.6927
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8131
