Although the Euro strengthened modestly yesterday as Eurozone industrial production was shown to have increased by more than anticipated, the common currency began the local session slightly softer against the Pound.
The Euro went on to experience modest fluctuations as a report showed that German import prices fell for an eighth month in August.
The 3.4 per cent annual drop in import prices was the most rapid for nearly four years but was slightly less than the 3.9 per cent decline forecast.
Month-on-month prices increased 0.1 per cent rather than stagnating as expected. July’s MoM gain was negatively revised to 0.3 per cent.
Further Euro movement could occur in response to this morning’s UK inflation data, but the ZEW Economic sentiment surveys for Germany and the Eurozone will be of particular interest in the hours ahead.
The Euro/Pound Sterling pairing is currently trading in the region of 0.8489
During a meeting of Eurozone Finance Ministers in Luxembourg it was announced that two of the currency bloc’s nations will be eased off aid in the near future.
Ireland and Spain are both countries which have faced considerable hardships since the onset of the global economic crisis in 2007, but it seems that they may have finally turned a corner. With the Eurozone emerging from a record long recession and global economic conditions improving, Ireland will be returning to market financing in the near future, while Spain has opted to forego any additional fiscal support.
Olli Rehn, European Union Economic and Monetary Affairs Commissioner, delivered the following statement in the aftermath of the meeting; ‘Both [Ireland and Spain’s] programmes are on track for a successful conclusion. Conditional financial support has helped to deliver an economic turnaround in the two countries.’
Euro (EUR) Exchange Rates
As of 09:00
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3564 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8489 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4216 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6184 <
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4024 <