The Euro to Pound exchange rate is seeing mixed trading after it rallied from Thursday’s one-week low on improved market sentiment and as data showed that the Eurozone’s current account surplus grew in January supported the single currency.
The currency also found some support from data out of Italy which showed that industrial orders in the Mediterranean nation increased sharply in the first month of the year.
According to the national statistics institute, foreign demand for Italian goods rose by the fastest pace seen in two years, increasing hopes for an export led recovery of the Italian and the Eurozone’s third largest economy.
Industrial orders jumped by 4.8% in January, offsetting the 4.9% decline recorded in the previous month. Foreign orders were up by 6.4% and domestic orders up by 3.8%. On an annual basis orders were up by 2.6% from January 2013.
Italian industrial sales also rebounded, rising 1.2% from December, when they fell 0.3% from the previous month, according to Istat. Capital goods led the gains, rising 2.9% on the month while intermediate goods rose 1.3% and energy sales declined slightly. Overall sales were up by 3% compared to the previous year.
Also supporting the Euro was a report which showed that the Eurozone’s current account surplus climbed to €227.9 billion in January, higher than the €135.4 billion seen in the previous year.
The currency remains vulnerable however to events regarding Ukraine. The EU and USA introduced new targeted sanctions against Russia and warned of further action if Russian further exacerbates tensions in Ukraine.
Euro (EUR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Euro,
,US Dollar,1.3793 ,
Euro,,British Pound,0.8355 ,
Euro,,Australian Dollar,1.5185 ,
Euro,,Canadian Dollar,1.5513 ,
British Pound,,Euro,1.1967 ,
[/table]
