The Euro fell against the Pound on Monday after the single currency came under pressure due to the ongoing political impasse in the United States and as GDP for the currency bloc declined on a yearly basis.
According to Eurostat the Eurozone economy expanded by 0.3% in the second quarter of 2013, rebounding from the fall of 0.2% recorded in the first quarter. The increase was being hailed as a result of increased investment and improved household consumption.
In the wider European Union, excluding Croatia which joined in July, GDP grew by 0.3% on a quarter by quarter basis. The figure disappointed economists as the figure was revised downward from the previous estimate of 0.4%.
Among EU nations for which data are available for the second quarter of 2013, Portugal (1.1 percent) recorded the highest quarterly growth, followed by Germany, Lithuania, Malta and the UK (all 0.7 percent). The largest declines were seen in Cyprus (1.8 percent), Slovenia and Italy (both 0.3 percent).
On a year by year basis Eurozone GDP tumbled by 0.6% adding to the 1.2% decline recorded in the first quarter of the year. The wider EU saw GDP drop by 0.2% following the 0.8% fall recorded in the early part of the year.
The single currency was little moved after it was revealed that Greece is expected to exit recession in 2014. The Greek government is forecasting that the country will see 0.6% growth next year.
Euro (EUR) Exchange Rates
As of 13:00 pm GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3568
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8440
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4406
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6362