Euro vs US Dollar & Pound Sterling Rates Today: EUR Firms on Fairly Positive Data Releases

October 23, 2014 - Written by Tim Boyer

STORY LINK Euro vs US Dollar & Pound Sterling Rates Today: EUR Firms on Fairly Positive Data Releases

The Euro (EUR) exchange rate trended higher vs the US Dollar (USD) and British Pound (GBP) on Thursday after the single currency found support from improved data releases which lessened concerns that the Eurozone is sliding towards a triple-dip recession.

Manufacturing production data out of the region showed that output expanded at its fastest pace in three months.

The Euro to Australian Dollar exchange rate today is converting +0.14 per cent higher at 1.44409 EUR/AUD.
The Euro to Canadian Dollar exchange rate today is converting -0.13 per cent lower at 1.42066 EUR/CAD.
The Euro to Pound exchange rate converts +0.14 per cent higher at 1 EUR is 0.78906 GBP.
The Euro to New Zealand Dollar conversion rate is +0.46 pct higher at 1.61755 EUR/NZD.
The Euro to US Dollar exchange rate is +0.04 pct higher with a conversion rate of 1 EUR equals 1.26474 USD. See all live forex rates.

Don't forget if you are waiting to find better exchange rates for a international payments, then you're best bet is to set up your future rate order with a foreign exchange broker.

Euro Rate Today: PMI Boosts EUR vs GBP and USD

The Markit compiled Purchasing Managers Index (PMI) increased to a reading of 50.7 in October from the preceding month’s level of 50.3. Economists had been forecasting for a decline to a reading of 49.9.

In a PMI report, any figure above 50 indicates expansion whilst a number below indicates contraction.

Markit's Composite Flash Purchasing Managers' Index, based on surveys of thousands of companies across the region and seen as a good indicator of growth, rose to 52.2, beating economist expectations for a figure of 51.7.

“The Euro-zone recovery still has some legs,” said Martin van Vliet, an economist at ING Bank in Amsterdam.

“However, even if the recovery has not ground to a complete halt, growth remains much too weak for anyone’s comfort.”

Manufacturing activity in the region’s largest economy, Germany, also improved unexpectedly with the PMI edging back up above the 50 level to 51.8. The nation’s Service sector however saw little change but did tick lower from 55.7 to 54.7.

The improved data out of the Eurozone combined with positive data out of China to ease concerns that the global economy is slowing.

Against the Pound, the Euro was able to advance due to the release of softer than forecast Retail sales data.

Further gains for the Euro were restrained as weakness in France continued to spook the markets. The French PMI figure came in below forecasts with an eight-month low figure of 48. The employment situation is deteriorating at the fastest pace in about 18 months. France's unemployment is already very high, at over 10%.

The US Dollar meanwhile found support from the latest Jobless Claims data, which showed that the number of Americans filing for unemployment benefits fell to the lowest level in 14-years.

The monthly average of jobless claims showed that applications fell to 281,000, the lowest number seen since May 2000. The weekly reading showed an increase of 17,000, widely matching economist forecasts.

‘The labour market is continuing to get better. We’re going to get another solid number for payrolls in October,’ said Robert Stein, deputy chief economist at Trust Portfolios LP.

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