The Pound is holding close to the 11-month high it hit on Wednesday following rumours that the European Central Bank is considering using negative rates.
Today however the EUR/GBP pairing is holding steady as investors await the publication of key unemployment data out of the United States of America. The jobs report is expected to offer some clue as to whether the US Federal Reserve could delay tapering its monetary easing programme until next year.
The single currency dipped slightly against Sterling and the ‘Greenback’ after mixed Eurozone private sector data hinted that the Eurozone economic recovery is stalling. Data released by Markit showed that manufacturing met economist expectations but services fell below forecasts.
The Euro region’s manufacturing purchasing manufacturers index came in at 51.5, up from October’s reading of 51.3. Services meanwhile fell unexpectedly to 50.9 in November, a fall from the 51.6 recorded in the previous month. A figure above 50 indicates expansion.
The Netherlands saw some good news as unemployment in the country fell to 8.5%. France however received more negative news after both its services and manufacturing PMI data fell below forecasts. Franc is becoming a major concern for the wider region.
The Pound found support after data released by the Office for National Statistics showed that the UK’ budget deficit narrowed in October from the previous adding to signs that the nation’s economy is continuing to improve. The deficit narrowed from the previous figure of £8.6 billion to £6.4 billion. If the momentum is kept up, the 2013-14 deficits is expected to narrow to about £106 billion, the least since 2008-09 and down from £115 billion a year earlier.
Euro (EUR) Exchange Rates
As of 10:45 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3435
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8349
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4491
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6352
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4063
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 135.5216
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2323
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1977
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7443
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6900
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6115
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7110
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8114
