While pertinent Eurozone news is lacking today, the Euro begins the week trading stronger against the US Dollar and Yen as investors look ahead to Eurozone unemployment and German retail sales reports.
However, the common currency was slightly softer against the Pound as the British currency strengthened in response to positive UK housing data.
Economists have forecast that the currency bloc’s unemployment rate held at 12 per cent while German retail sales increased by 0.4 per cent in September.
But while the jobless rate holding steady would be comparatively positive news, some industry experts are expecting the data to reveal that the unemployment rate in Italy, one of the Eurozone’s largest economies, rose to a record high 12.3 per cent – highlighting the great disparity existing between the region’s main members.
As Anatoli Annenkov commented; ‘We are still in a very discouraging situation for most of the Euro area. That’s particularly true for Italy, where politics has come to a rest and necessary structural reforms are not kicking in at all.’
The Euro is currently trading against the US Dollar in the region of: 1.3808
The frightening extent of youth unemployment in nations like Italy is also a major concern. In August the Italian jobless rate for people aged between 15-24 hit a whopping 40.1 per cent, and last week Italian Prime Minister Enrico Letta commented that ‘Youth unemployment is the true nightmare of our country.’
With these significant Eurozone reports due out on Thursday the Euro will be under pressure for much of the week. That being said, if tomorrow’s German consumer confidence survey shows the expected improvement the common currency could extend gains against its North American peer.
In the hours ahead US industrial production/manufacturing production figures could spark EUR/USD movement while the UK CBI reported sales report may trigger additional EUR/GBP fluctuations.
Euro (EUR) Exchange Rates
As of 09:00
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3808 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8529 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4373 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6624 <
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4421 <
