Euro Exchange Rate News

Positive Services PMI, but worst Eurozone retail sales for 8 months

The Euro to Pound Sterling Exchange Rate was trading at 0.8590 as of 11:02 am GMT

Rising political uncertainty in the third and fourth largest Eurozone economies caused the common currency to fall against several of its most traded peers as trade began today and although the Euro enjoyed a rebound following positive Eurozone Services PMI, gains could prove short lived.

According to the most recent data compiled by EU statistics office Eurostat, Eurozone retail sales – an influential economic indicator – fell by the most for 8 months in December.

The gauge, which hints at both consumer confidence and consumption, fell by 0.8 per cent from November, despite economists estimating a decline of just 0.5 per cent.

It appears that not even the festive spirit could make up for the drag on incomes caused by the ongoing financial crisis. Sales were down 3.4 per cent from the same period in 2011.

November’s month-on-month retail figures were also negatively revised, moving from an increase of 0.1 per cent to a decline of 0.1 per cent.

This means that retail sales have now fallen for the past five consecutive months.

Although recent data releases, including this morning’s optimistic Services PMI, have strongly hinted that the Eurozone is on its way to recovering from its second recession since 2009 this disappointing result shows that economic stability may still be some way off.

Earlier the Euro posted significant gains against both the US Dollar and Japanese Yen but fell against the Pound following strong UK services figures. This retail sales data may cause additional downward movement in the hours ahead.

 

Recent Euro Exchange Rates

As of 11:02 pm

The Euro to Pound Sterling exchange rate is currently trading in the region of 0.8590

The Euro to US Dollar exchange rate is currently trading in the region of 1.3545

The Euro to Australian Dollar exchange rate is currently trading in the region of 1.3028

The Euro to New Zealand Dollar exchange rate is currently trading in the region of 1.6058

The Euro to Canadian Dollar exchange rate is currently trading in the region of 1.3504        

The Euro to Emirati Dirham exchange rate is currently trading in the region of 4.9681

The Euro to Swiss Franc is currently trading in the region of 1.2279

The Euro to Japanese Yen exchange rate is currently trading in the region of 125.6890

 

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