The Euro fell to its lowest level since January against the Pound following the release of better than forecast manufacturing data out of the UK.
The Eurozone too saw some positive news of its own as Markit Manufacturing PMI data for a number of Eurozone members and the region as a whole saw improvement in November, suggesting that a recovery is not yet dead in the currency bloc.
Italy saw manufacturing output climb to its highest level in two and a half years and Germany saw output rise to 52.7 from the previous reading of 51.7. Any figure above 50 represents expansion, any number below signals contraction. The wider Eurozone posted a PMI reading of 51.6, beating expectations for 51.5.
Despite the positives there were some negatives for the Eurozone. Spain saw an unexpected decline in its manufacturing output. The struggling countries PMI fell to 48.6 from 50.9 in October. Manufacturing was held back by lower orders and output, adding to expectations that Spain’s recovery will be slow and weak.
“The latest PMI survey highlights the current fragility of the Spanish manufacturing sector, with the domestic market the key source of weakness. The only real positive from the November data is a further rise in new export business, but on this occasion export growth was not sufficient to support an increase in total new orders,” said a senior economist at Markit.
France too disappointed with manufacturing output slipping to a five-month low. The index fell to 48.4 from 49.1 in October, the lowest since June. Production and new orders were down, with weak demand both domestically and overseas, and job cuts accelerated in the sector.
The UK meanwhile saw new orders and manufacturing output soar to their highest levels in 19-years. The nations PMI jumped to 58.5, beating forecasts for a reading of 56.5. A breakdown of the survey showed new orders jumped to 64.6 – the highest in almost 20 years – from 61.3 in October. Output and employment also jumped sharply.
Euro (EUR) Exchange Rates
As of 10:00 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3551
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8257
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4827
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6544
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4415
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 139.2284
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2314
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.2103
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7377
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6742
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6043
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.6938
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8120
