The Euro is firmer against the Pound after the publication of a better-than-expected ZEW Economic Sentiment Index for Germany. Further gains were limited however as ZEW data for the wider Eurozone failed to meet economist expectations.
According to the ZEW Centre for Economic Research’s Index, Sentiment in Germany rose to 54.6 in November, up from the 52.8 recorded in October. The data came in just above economist expectations for a rise to 54. The German Central Bank the Bundesbank said on Monday that Europe’s largest economy is on track to make a recovery and remains on a solid path of growth.
Clemens Fuest, who heads the ZEW or Center for European Economic Research, said Tuesday that “the slightly improved economic growth in the Eurozone likely contributed to this.”
The wider Eurozone saw the economic sentiment data come in below forecasts. The ZEW economic sentiment data showed that sentiment in the 17-nation Eurozone for November came in at 60.2, higher than the previous months reading of 59.1 but below expectations for a figure of 63.1.
The currency’s gains were reversed slightly after the Organisation for Economic Co-operation and Development reduce its global economic growth expectations for next year. The OECD cut its forecast for global economic growth in 2014 to 3.6%, down from 4%, warning that the outlook for emerging markets is deteriorating.
All attention will now be focused on Wednesday’s Bank of England and US Federal Reserve minutes publications. A speech due to be held by Fed governor Ben Bernanke is likely to offer the market some guidance as to whether the Fed will choose to delay tapering its monetary easing programme until next year.
Euro (EUR) Exchange Rates
As of 11:10 am 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: 0.8395
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4344
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6197
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4112
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 134.7361
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2333
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1910
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7398
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6971
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6173
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7086
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8107
