The Euro is trading slightly softer against the Pound at the 1.19 mark and is little moved against its other major peers after data confirmed that inflation in the Eurozone region fell to its slowest pace in four years.
Annual inflation fell to 0.7% in October, down from the 1.1% recorded in September. In the previous year the rate stood at 2.5%. On a monthly basis inflation fell to -0.1%. The overall European Union saw its rate slip to 0.9%.
The data confirms the report released in earlier in the month and justifies the European Central Bank’s decision to cut interest rates to a new record low level of 0.25%. The Euro softened as investors raised their bets that the Bank will now have to take more action to help stimulate the regions faltering economy.
Inflation in Austria slowed more than economists had forecast. Year on year inflation fell to 1.4%, down from the previous reading of 1.7% and below the 1.61% expected.
In comparison the UK and Estonia have the highest rates of inflation amongst the EU’s 28 members with 2.2%. The lowest was Greece with -1.9%.
Elsewhere in the Eurozone there was some positive news in that Spain looks set to exit its bank aid programme without the need for more European aid. Ireland too reported some good news after Finance Minister Michael Noonan said that the country will not need any more aid after the country becomes the first of the rescued Euro nations to exit its bailout programme next month.
Euro (EUR) Exchange Rates
As of 10:45 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3444
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8362
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4428
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6218
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4085
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 134.9662
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2347
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1955
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7437
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6930
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6167
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7100
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8099
