The Euro softened slightly against the Pound and was little changed against the US Dollar following the release of UK GDP and better than expected German business climate data.
The Pound strengthened against the Euro and economic growth in the UK doubled in the second quarter of the year indicating that the nation’s recovery is on track. According to the London based Office for National Statistics, GROSS Domestic Product increased by 0.6% from the first quarter where it rose by 0.3%. The rise matched economist predictions.
In the Eurozone, German business morale improved in July for a third consecutive month. According to the IFO institute the Business climate Index jumped to 106.2 in July, beating economist expectations of 106.1. In June the figure was 105.9.
“In total the economic conditions in the German economy remain fair, manufacturing is relatively strong and the retail sector, which has not been so strong, is picking up, the construction sector is in a strong upswing. The consumer is also spending more, domestic demand is relatively buoyant” said Gernot Nerb, a researcher for the IFO.
In Spain unemployment has fallen for the first time since it entered recession almost two years ago, but remains distressingly high. The unemployment rate dropped to 26.3% in the second quarter of the year thanks to the summer tourist season creating some jobs. The total number of people out of work fell to 5.98 million, down from the 6.20 million seen in the previous quarter.
Current Euro (EUR) Exchange Rates
As of 10:20 am
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3188
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8612
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4387
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6418
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3627