Euro Rate Today - Exchange Rate Levels at FRESH Lows for EUR GBP and EUR USD Conversion Rates

September 28, 2014 - Written by John Cameron

STORY LINK Euro Rate Today - Exchange Rate Levels at FRESH Lows for EUR GBP and EUR USD Conversion Rates

Euro Rate Today: The EUR exchange rate was trading at a two-year low against the Pound (GBP) and US Dollar (USD) on Friday following the release of more disappointing economic data out of the Eurozone.

Sterling continued to find support from last week’s Scottish Referendum result and comments made by Bank of England Governor Mark Carney who suggested that interest rates in the UK could rise sooner than initially expected.

The latest EUR Rates:

The Euro to Australian Dollar exchange rate is trading down -0.85% at 1.44407 EUR/AUD.
The Euro to Canadian Dollar conversion rate is trading down -0.08% at 1.41515 EUR/CAD.
The Euro to Pound exchange rate is trading down -0.29% at 0.77910 EUR/GBP.
The Euro to New Zealand Dollar rate today is trading down -1.01% at 1.61971 EUR/NZD.
The Euro to US Dollar conversion rate is trading down -0.5% at 1.26269 EUR/USD.

Further gains for the currency were restrained however after data came out earlier in the session which showed that house prices in London fell for the first time in almost two years and that across the UK prices weakened.

The survey compiled by Hometrack Ltd, showed that property values in London fell by 0.1%, the first fall seen since November 2012. The survey also suggested that prices are likely to see modest declines over the coming months. Nationally, house prices stagnated, ending 19 months of increases.

The impact of the data was restrained as data out of the Eurozone Consumer Confidence in Germany slipped lower in September. The Gfk German consumer climate index ticked down to 8.3 this month, from a reading of 8.6 in August. Analysts had expected the index to slip to 8.5.

The report added to worries over the outlook for growth in the euro zone's biggest economy as data on Wednesday showed that Germany's Ifo business confidence index deteriorated for the fifth successive month in September.

Against the US Dollar, the Euro resumed its downward trajectory after a report released by the Bureau of Economic Analysis showed that US Gross Domestic Product (GDP) expanded at a yearly pace of 4.6% in the second quarter.

The figure matched investor expectations and confirmed that the world’s largest economy rallied strongly from the -2.1% figure recorded in the first quarter of 2014. The data means that the US economy expanded at its fastest pace since 2011

The positive data also added support by increasing market expectations for an early interest rate hike by the Federal Reserve. On Thursday, Dallas Federal Reserve President Richard Fisher said that the Federal Reserve might start raising interest rates as soon as spring 2015.

Next week promises to be a busy one for the EUR/GBP and EUR/USD exchange rates due to a plethora of economic data released out of the Eurozone, USA and UK. Of particular note will be Tuesday’s UK GDP Growth data.

A positive figure will no doubt cause investors to raise their bets for an early interest rate hike by the Bank of England.

Latest Euro Exchange Rates - 29/09/2014

The Euro to Australian Dollar exchange rate is trading up +0.23% at 1.45431 EUR/AUD.
The Euro to Canadian Dollar exchange rate is trading down -0.02% at 1.41494 EUR/CAD.
The Euro to Swiss Franc exchange rate is trading up +0.04% at 1.20703 EUR/CHF.
The Euro to Pound Sterling exchange rate is trading up +0.06% at 0.78105 EUR/GBP.
The Euro to Hong Kong Dollar exchange rate is trading up +0.18% at 9.85742 EUR/HKD.
The Euro to New Zealand Dollar exchange rate is trading up +1.28% at 1.63287 EUR/NZD.
The Euro to US Dollar exchange rate is trading up +0.12% at 1.26910 EUR/USD.

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