Ahead of the release of final growth figures for Italy the Euro advanced to a six-week high against the ‘Greenback’.
The common currency received a significant boost as French manufacturing output was shown to have increased by 0.4 per cent in October.
September’s figure was revised to a decline of 0.5 per cent.
Separate figures showed a 0.3 per cent contraction in industrial production.
Although Italian GDP data is expected to confirm that the nation’s economy contracted by 0.1 per cent in the third quarter the Euro was supported prior to European Central Bank President Mario Draghi’s speech in Rome.
Investors have been concerned about the prospect of the central bank introducing a negative deposit rate for the past few months, but according to one industry expert; ‘It would be difficult for the ECB to ease further. The Euro has been stable. The money that flew out of the region during the crisis is starting to come back.’
The Euro is currently trading against the US Dollar in the region of 1.3749
While the Euro rose against the US Dollar it softened against the Pound as UK house prices climbed and the British asset broadly strengthened.
Further EUR/USD movement could occur in the hours ahead as a result of a meeting between US financial regulators, but fluctuations are likely to be limited ahead of tomorrow’s more influential German inflation report and the US monthly budget statement.
The EUR/GBP pairing on the other hand may be much more volatile as a stream of UK figures, including industrial production and trade balance reports, are released over the next few hours.
Euro (EUR) Exchange Rates
As of 08:50 GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3749 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8365 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5114 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6608 >
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4620 >