The Euro continued to be supported on Wednesday after good news from Spain added to the single currency’s strength against the Pound and US Dollar.
Early in Wednesday’s session the Euro climbed to a 23-month high against the US Dollar following the release of Tuesday’s disappointing jobs data in the US. The American currency fell sharply after the delayed jobs data showed that the US economy added 148,000 jobs in September which was well below expectations for an increase of 180,000.
The currency found further support after it was revealed that Spain had emerged from its two-yea long recession. According to the Madrid-based Bank of Spain the nation’s GDP rose by 0.1% in the third quarter of the year, up from the fall of 0.1% in the second quarter. The data is only preliminary and could change but just the hope that the Eurozone’s fourth largest economy is clawing its way toward a recovery was enough to add strength to the Euro.
Despite the positive news Spain has a very tough road ahead before it can back onto a path of sustained growth. The Central Bank also said Spain’s unemployment indicators in the last quarter had their best performance of any third quarter since the start of Spain’s ongoing property bust in 2008.
Unemployment remains at highs of 26.3% but some economists are forecasting that the number of Spaniards out of work has fallen to 26.1%. The Spanish National Statistics Institute is set to publish its quarterly jobs report on Thursday.
The Euro could strengthen further later in the session due to the publication of the latest Eurozone Consumer Confidence data which is due for release at 15:00pm GMT.
Euro (EUR) Exchange Rates
As of 10:20 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3756
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8510
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4283
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6395
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4212
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 133.7526
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2313
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1750
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7269
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7001
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6099
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7036
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8121
