The Euro was little changed against the US Dollar and British Pound following the publication of a disappointing consumer confidence index for the Eurozone.
Although economists expected the index to advance from -11.6 to -11.4 it actually declined to -12.6 in July.
In response to the figure Sentix, who compiled the index, asserted: ‘This is mainly caused by the assessment of the current situation which has made no headway for the past months. Investors’ expectations remain above average, institutional investors are even becoming more optimistic. For Germany, the US and Japan, the composite indices rise significantly. Here, investors are extremely positively predisposed towards the economy. However, in the emerging market regions, composite indices fall strongly, with the assessments of the current situation as a special burden.’
Meanwhile, separate reports showed that German imports unexpectedly climbed by 1.7 per cent in May while exports dropped by -2.4 per cent, leaving a smaller trade surplus than expected.
In other Eurozone news, it is expected that the latest bailout instalment for Greece will be approved when finance ministers from the currency-bloc meet in Brussels today.
Although speculation has surrounded the recent talks between Greece and the troika, officials have intimated that an agreement has been reached regarding the policies which need to be implemented in order for Greece to receive its next loan payment.
If the plan is approved when the finance ministers meet later today it will be a positive step forward for Greece.
The Troika stated: ‘The government is preparing the necessary legislation in support of its program and will table an omnibus bill shortly before parliament. The authorities are also preparing ministerial decisions and other legal steps to implement their commitments in the coming days.’
This news helped support the Euro as the European session progressed.
Euro (EUR) Exchange Rates
As of 10:50
The Euro/US Dollar Exchange Rate is currently in the region of: 1.2840 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8619 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4158 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6629 <
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3562 >