The Euro has reversed its losses against the Pound and rallied to push higher against many of its most traded peers.
According to the Berlin based Economy Ministry German factory orders increased by a bigger than expected margin in September. Orders soared by 3.3% from August when they fell by 0.3%, smashing economist forecasts for a gain of 0.5%. The data relieved some concerns that the Eurozone recovery is slowing after data released earlier in the session widely disappointed.
Overall factory orders were 7.9% higher in September from a year earlier, soaring past expectations for a 5.9% gain, after rising at a rate of 3.1% in August.
“Today’s data is much stronger than expected and it shows some improvement in the German factory sector at the end of the third quarter. We would not see today’s German orders as a sign of solid acceleration in factory activity but just a technical correction, consistent with a modest pace of increase in orders,” said an analyst at Newedge Group in London.
Against the US Dollar the single currency jumped to a session high but further gains were checked by the earlier weak retail sales data and last week’s report which showed that inflation fell to a four year low in October.
“The economic situation in Europe is still affected by some uncertainty but I’m confident we will see growth next year,” said Thilo Heidrich, an economist at Deutsche Postbank AG in Bonn. “The German economy is growing slowly but steadily and that’s good news for the entire Euro area.”
Euro (EUR) Exchange Rates
As of 12:50 pm GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3515
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8398
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4189
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6091
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4117
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 133.2513
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2321
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1907
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7399
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7047
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6214
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7083
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8116
