Euro Exchange Rate News

Euro to Pound (EUR/GBP) Exchange Rate firms as UK trade data disappoints

Euros

The Euro firmed against the Pound and managed to reverse some of the losses it suffered yesterday following the ECB’s shock interest rate cut and as France’s sovereign credit rating was downgraded by Standard & Poor’s.

The Pound softened against all of its most traded peers after data showed that the UK’s trade deficit widened by its biggest margin in more than a year in the third quarter as imports jumped to a record high.

According to the Office for National Statistics the UK’s trade deficit widened to £9.72 billion from the £5.46 billion recorded in the second quarter of the year. Doubts over the true state of the UK economy surfaced as exports fell by 3.5% whilst imports jumped by 1% to a record high of £135 billion.

The data casts doubt on whether the UK economy has in reality expanded at a faster rate in the third quarter. The country’s economy is thought to have expanded by 0.8% in the third quarter due to an estimate by the ONS. A revised figure is due for release on the 27th of this month and will give a clearer picture as to the true state of the UK recovery.

Also weighing on the Pound was the release of construction data which came in weaker than forecast. On a year by year basis construction output fell from 8.2% to 5.8% in September.

The market’s attention will now be focused on the afternoon’s highly anticipated US jobs data.

Euro (EUR) Exchange Rates

As of 10:20 am GMT

The Euro/US Dollar Exchange Rate is currently in the region of: 1.3422

The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8350

The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4191

The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6124

The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4042

The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 131.7882

The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2298

The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1972

The US Dollar/Euro Exchange Rate is currently in the region of: 0.7450

The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7044

The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6200

The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7120

Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8131

Exit mobile version