As another week of trading begins the Euro is holding steady against the Pound and US Dollar after posting a 5-day decline against the British currency on Friday.
However the Euro was able to edge away from a six-week low against the Yen on the expectation that this week’s Eurozone news will be positive. Disappointing Japanese growth data also aided the common currency’s advance.
The Euro/Pound pairing is currently trading in the region of 0.8601
This week several pieces of influential Eurozone news are scheduled for publication.
On Wednesday German growth data will be released.
The Economy Ministry is forecasting that the Eurozone’s largest economy expanded by 0.75 per cent in the second quarter of the year as a result of improving industrial production and private consumption, better than economist expectations for growth of 0.6 percent.
If the GDP figure surprises to the upside it will be a strong indicator that the 17-nation currency bloc is finally edging away from recession.
Economist Carsten Brzeski stated: ‘Stronger growth in Germany is a gift for its euro-area partners – it signals the end of the region’s recession. What we’ll see is a stabilisation in the euro area but not yet a recovery, which we can be enthusiastic or cheerful about. It’ll be too slow to reduce unemployment and solve fiscal problems in distressed countries.’
A separate report showing growth in the Eurozone has been forecast to show that the 17-nation currency bloc’s economy advanced by 0.2 per cent in the second quarter. If accurate, this will be the first quarter of growth for seven quarters.
Euro (EUR) Exchange Rates
As of 08:55
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3325 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8601 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4524 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6591 <
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3717 <