The Euro weakened for another day against the Pound after mixed data out of the Eurozone did little to support the single currency.
Eurozone retail sales fell more than forecast in September as record high unemployment and falling confidence caused consumers to revert to being more cautious with their disposable income. According to the EU statistics office Eurostat, the volume of trade fell by 0.6%, worse than the 0.4% decline originally expected by economists.
Sales of food and non-food products fell. In the southern regions the decline was far larger than in the central states such as Germany. In Portugal, retail sales fell to a record low with sales tumbling by 6.2% and Spain recorded its biggest decline since February 2009.
On a slightly more positive note the Eurozone’s PMI data came in slightly better than expected. The regions service sector improved to 51.6 in October from the 50.9 recorded in the previous month and Germany also posted an improved figure.
“The Euro-area economic recovery lost less momentum than first estimated in October. The survey signals a mere 0.2% quarterly growth rate at the start of the fourth quarter, unchanged on the third quarter,” said Markit chief economist Chris Williamson.
The Pound made further gains against the Euro after data out of the UK showed that the nation’s economic recovery is continuing to pick up speed.
According to the UK’s Office for National Statistics, industrial output in the country grew faster than forecast in September. Compared to the previous year output has jumped by 2.2%, the strongest annual pace of growth recorded since January 2011. A rebound in the nation’s gas and oil sectors made a big contribution to the improving picture.
Euro (EUR) Exchange Rates
As of 11:00 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3516
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8388
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4174
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6097
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4117
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 133.1567
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2307
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1921
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7398
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7054
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6212
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7083
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8125
