The Pound remains trading above the key 1.20 region after data released in the Eurozone showed that unemployment across the single currency bloc remained unchanged at 12.1% highlighting the economic challenges still to be faced by the region.
Earlier in the session concerns were raised that the unemployment could have ticked higher after unemployment in Italy rose to 12.7% in November, a new record high. According to ISTAT the figure is the highest recorded since records began in 1977.
“The Euro area economy isn’t growing fast enough to significantly reduce unemployment, this isn’t going to change anytime soon with annual growth rates of about 1% this year and in 2015,” said an economist at BNP Paribas.
Unemployment remains high in a number of Eurozone countries. In Spain 26.7% are out of work, and in Greece the unemployment rate was last recorded as 27.4. Youth unemployment remains staggeringly high at 24.2%.
Across the wider European Union unemployment held at 10.(%, a figure unchanged since May 2013.
France posted some positive news after a separate report showed that retail sales increased far more than economists had forecasted, in November sales climbed by 2.1%, smashing forecasts for a decline of -0.1%. Portugal too surprised after sales increased by 3.1% compared to the -1.1% decline seen in October.
Sterling came under some pressure earlier in the session after data showed that house prices in the UK fell slightly in December. According to the Halifax prices declined by -0.5%, down from the 0.9% rise recorded in the previous month.
Euro (EUR) Exchange Rates
As of 10:25 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3599
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8283
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5246
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6430
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4709
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 142.7646
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2379
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.2071
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7352
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6557
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6086
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.6799
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8077
