The Euro made gains against the Pound and US Dollar on Friday after demand for riskier assets was bolstered and as data out of France, Spain and Greece came in better than forecast.
According to the French statistics agency Insee, France’s Producer price index data came in at 0.5% in November, up from the -0.2% decline recorded in October. The figure was supported by increased electricity prices as utility companies hiked prices just in time for winter. Insee added that on a yearly basis prices in France were -0.6% lower compared to the previous year.
Greece too saw an improved PPI figure with the struggling country posting a figure of -0.7% in November. The figure was better than October’s figure of -1.6% and suggests that there is some hope of a turnaround in the country.
Spain too posted better-than-forecast data. According to the Bank of Spain the country’s current account improved in October by €1.7 billion compared to the previous month’s figure of €0.4 billion. The figure was better than the €1.1 billion expected by economists.
The UK economy looks set to become Europe’s biggest according to the leading think-tank The Centre for Economics and Business Research (CEBR).
“Positive demographics with continuing immigration, rather less exposure to the problems of the Eurozone … combine with relatively low taxes to encourage faster growth than in most western economies,” the CEBR said in its annual Economic League Table report.
Douglas McWilliams, the CEBR’s chief executive, said Britain could become even stronger outside the European Union, even though an exit would be “very painful” in the short term.
Trading continues to be light due to the Christmas holidays; the next Eurozone relevant data is released next Monday where Spain and Ireland will release retail sales figures. Positive house price data for the UK on the same day is likely to see the Pound recover ground and possibly push higher.
Euro (EUR) Exchange Rates
As of 11:00 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3805
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8368
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5487
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6866
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4697
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 144.6980
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2239
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1952
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7244
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6456
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.5928
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.6802
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8170
