As the European market opened for another week of trading, the Euro was achieving close to a week high against the US Dollar.
Over the weekend the common currency consolidated the gains recorded last week in the wake of Eurozone GDP data showing that the currency bloc had returned to growth. The expectation that this week’s Eurozone data will also show positive economic progression lent the Euro further support this morning.
The Euro/Pound pairing is currently trading in the region of 0.8525
The common currency was little changed against the Pound after recording a five-day decline against its bullish British rival.
Economists have forecast that German producer prices rose in July, advancing 0.2 per cent month-on-month.
Meanwhile Thursday’s manufacturing and services PMI for Germany and the Eurozone are expected to show improvement, with German services PMI predicted to have climbed from 50.5 in July to 50.9 in August and Eurozone services PMI returning to growth after edging up from 49.8 to 50.2.
While Eurozone news will be of interest, EUR/GBP movement could also be driven by UK public sector net borrowing figures and UK second quarter GDP.
US data, including Wednesday’s existing home sales report/publication of minutes from the latest FOMC meeting, Thursday’s Markit PMI and Friday’s new home sales could drive EUR/USD movement in the days ahead.
Euro (EUR) Exchange Rates
As of 08:50
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3323 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8525 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4465 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6453 >
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3759 <