The Euro to Pound exchange rate softened on Friday following the publication of better than expected UK retail sales data.
With a lack of domestic Eurozone data due for release on Friday the single currency is seeing limited movement. Comments made in Amsterdam by European Central Bank President Mario Draghi had little effect on the single currency as he suggested that the Bank could introduce monetary easing measures if the Euro exchange rate gets stronger.
Sterling meanwhile edged higher after a report released by the Office for National Statistics showed that retail sales increased unexpectedly in March. Sales which included fuel advanced by 0.1% confounding economist forecasts for a decline of -0.4%. On a year by year basis retail sales increased by 4.2% again beating forecasts for a rise of 3.8% and were higher than the previous month’s revised figure of 3.3%.
“The sector continues to benefit from positive sentiment based around consumers’ willingness to keep spending. The arrival of warm summer weather and Mother’s Day also helped retailers drive sales in March.
‘Non-food retailers such as furniture and DIY specialists were amongst the best performers as the consumer recovery and continued upturn in the housing market boosted sales. Clothing and footwear retailers, aided by the arrival of warm spring weather, recovered from the previous month’s poor results. The effects of price cuts in the grocery sector have yet to be fully realised. Once these take hold it will be interesting to see if this growth can be sustained in the long run,” said Keith Richardson from Lloyds Bank.
Sentiment among traders is restrained today as concerns over the situation in Ukraine dominate the headlines. The threat of new sanctions being imposed on Russia which could harm the global economy has increased demand for safe haven currencies.
Current Euro Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Euro,,British Pound,0.8232 ,
Euro,,Australian Dollar,1.4922 ,
Euro,,Canadian Dollar,1.5264 ,