The Euro softened against the Pound following the release of UK retail sales data and the publication of the latest current account data for the Eurozone.
The Pound climbed after retail sales data climbed more than expected in September as an increase in the demand for furniture led a rebound from the sharp slump recorded in August. According to the Office for National Statistics Retail sales including fuel rose by 0.6% up from the -0.8% recorded in the previous month. Economists had been calling for a rise of 0.4%. Bolstering expectations that the UK economy is continuing to strengthen was the 3% rise recorded in household-goods sales.
Thursday’s positive retail sales data comes after yesterday’s jobs data which showed that the number of people in work in the UK hit a record high and the number of people claiming jobless benefits fell to its lowest level since 1997. One downside that still shows no sign of improving is the growth in wages in the country. The cost of living is growing far faster than wage rises and with utility companies in the country hiking prices the UK economy could see a slowdown as consumer struggle to pay their bills.
The Eurozone meanwhile saw its current account surplus increase in August due to a rise in trade. According to the European Central Bank the regions current account surplus rose to a seasonally adjusted €17.4 billion in August from the previous month’s level of €15.5 billion. The figure was slightly below economist expectations of a rise to €17.7 billion. The surplus for trade increased to €14.7 billion, up from €11.1 billion in July.
Over the 12 months to August, the current account showed a surplus of 192.8 billion Euros, compared to 88.2 billion Euros for the same period a year earlier suggesting that the recovery in the Eurozone is firming.
Euro (EUR) Exchange Rates
As of 11:00 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3618
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8471
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4196
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6075
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3403
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 133.4329
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2328
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.1789
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7338
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7035
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6209
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.7125
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8111
