Although the Euro was supported against the several of its most traded peers by the publication of another piece of positive German data, the common currency was softer against a broadly strengthening Pound.
A report showing that German exports exceeded imports by more than forecast helped the Euro achieve a seven-week high against the US Dollar as the European session began.
In June Germany’s trade surplus grew to 16.9 billion Euros, beating estimates for a surplus of 15 billion Euros.
The nation’s current-account surplus surged from May’s 11.2 billion Euros to 17.3 billion Euros.
This is the latest in a series of recent signs that the Eurozone’s largest economy is regaining momentum.
As industry expert Marito Ueda notes: ‘The Euro is being brought back as some of the economic data in the region has been improving significantly. The Euro is likely to remain stable.’
The Euro/Pound pairing is currently trading in the region of 0.8606
However, the Euro was trading close to a month-low against the Pound after the Bank of England’s inflation report triggered widespread gains in the British currency.
The publication of the European Central Bank’s monthly report is likely to inspire volatility as the morning progresses.
US initial jobless claims data could also cause EUR/USD movement.
Euro (EUR) Exchange Rates
As of 08:40
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3344 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8606 <
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4691 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6764 >
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3895 <