The Euro weakened to a six-week low against Sterling, making a fifth consecutive daily decline after UK retail sales data smashed economist expectations.
The UK based Office for National Statistics retail sales in the country leapt by 1.1% in July, smashing forecasts of a rise of just 0.6% and far outweighing Junes reading of 0.2% On a year-by- year period sales increased by 3%.
Against the US Dollar the Euro has made further gains as uncertainty over when the US Federal Reserve will start to taper its quantitative easing programme weighed on the currency. Wednesday’s data showing that the Eurozone finally dragged itself out recession boosted the single currency with support carrying over into today’s session.
According to Eurostat the Eurozone economy expanded 0.3% in the first quarter of the year leading to June making it the fastest quarterly expansion since the first quarter of 2011. France’s economy expanded 0.5%, following two consecutive quarters of contraction, while Germany’s economy expanded by a larger than expected 0.7%.
Friday sees the release of the latest Eurozone Trade and inflation data with both expected to show signs of improvement.
Euro (EUR) Exchange Rates
As of 12:30 pm
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3287 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8523
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6446 >
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3721 >