This week data revealed that the Eruozone finally emerged from its historically long recession after posting growth of 0.3 per cent in the second quarter.
Now it appears that one of its members has also edged away from a protracted period of contraction.
Although official statistics for Ireland won’t be published until next month, Irish export data released yesterday indicates that the nation has finally returned to growth.
According to figures compiled by the Central Statistics Office, Irish goods exports climbed by 2.3 per cent in the second quarter from the first, a circumstance which is likely to increase the country’s GDP.
The Irish services sector, which contributes the most to Irish growth, also climbed by 2.4 per cent.
The Euro/Pound pairing is currently trading in the region of 0.8532
Although Ireland returning to growth won’t impact the Eurozone as much as improving expansion in its largest economies (Germany and France), emerging from recession would be a significant boost for the currency bloc’s poster child for bailout success.
As the European session began the Euro was softer against a broadly stronger US Dollar, but managed to post a modest gain against the Pound prior to the release of July’s Eurozone consumer price index.
Economists have forecast that CPI held at 1.1 per cent last month.
Other data which could impact the Euro today includes US building permits and housing starts figures, as well as the influential US University of Michigan confidence index.
If the index exceeds predictions, for an advance to 85.2, the Euro’s current five-day decline against the US Dollar could increase before the weekend.
Euro (EUR) Exchange Rates
As of 08:50
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3337 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8532 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4553 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6537 >
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3747 <
