The Euro has firmed against the Pound following the release of data which showed that unemployment in Germany, the Eurozone’s largest economy fell for the first time in five months in the last month of 2013.
According to the Nuremburg based Federal Labour Agency, the number of Germans out of work fell by a seasonally adjusted figure of 15,000 to bring the total to 2.965 million. The figure smashed economist forecasts which had been expecting a decline of just 1,000. Despite the decline the overall unemployment remained steady at 6.9%.
The data boosted optimism that the Eurozone is beginning to see the fruits of a recovery and the German Central Bank the Bundesbank said that it expects GDP in the country to expand strongly over the coming year.
Germany also saw its retail sales rise more-than-expected in November. In a report by Destatis, retail sales climbed by a seasonally adjusted 1.5% in November, beating expectations for a rise of 0.6%. The figure showed a reversal from the decline of 0.8% in October.
Gains were limited after the Pound found support from comments made by the British Chambers of Commerce. The BCC said that it expects the UK’s economic recovery to gain momentum in 2014.
In its survey which takes data from almost 8,000 businesses key indicators for the economy are higher than before the financial crisis struck in 2007. In the manufacturing sector five indicators, including orders and employment, are at all-time highs.
The Euro could push higher if Eurozone inflation and PPI data comes in positively if not then it is likely to soften.
Euro (EUR) Exchange Rates
As of 10:00 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3621
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8306
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5271
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6447
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4556
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 142.1403
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2360
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.2037
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7342
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6548
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6081
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.6871
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8090
