Euro Exchange Rate Today - EUR/GBP Steady, EUR/USD 7 wk High; Forecast to Improve

August 8, 2013 - Written by John Cameron

STORY LINK Euro Exchange Rate Today - EUR/GBP Steady, EUR/USD 7 wk High; Forecast to Improve

Euro Exchange Rate Today: The Euro is higher against the Pound (EUR/GBP) and strengthened to a seven-week high against the US Dollar (EUR/USD) after data out of Germany showed that exports outpaced imports in June, adding to signs that the Eurozone’s largest economy is strengthening.

The Euro exchange rate was trading up 0.18% to $1.33638 EUR/USD at 9:30 a.m. in London after climbing to $1.3369, the highest since June 19th. The 17-nation currency was little changed at £0.86131 EUR/GBP against the Pound.

In June Germany’s trade surplus grew to 16.9 billion Euros, beating economist expectations for a surplus of 15 billion Euros. Today’s data is another sign that the struggling Eurozone is beginning to see signs of a turnaround.

Demand for German-made goods is increasing as the 17-nation euro area, the country’s biggest trading partner, shows signs of emerging from its longest-ever recession and the U.S. economic expansion accelerates.

Unemployment has fallen albeit marginally for the first time in four-years and GDP for several European countries showed signs of improvement.

Manufacturing across the Eurozone expanded for the first time in two years in July and German consumer confidence hit its highest-level since August 2007. So far this year the single currency has strengthened by 5.6%.

Against the US Dollar the Euro made significant gains due to the ongoing concern about when the Federal Reserve will begin to taper its stimulus programme. The Dollar remained under pressure after two senior Fed officials said Tuesday that they would not rule out the withdrawal of stimulus measures at the bank’s September meeting.

The next major piece of data that Euro traders should be aware of is next week’s Consumer Price Indexes and the latest GDP reports.


Important Euro exchange rates today (at time of publishing):

The Euro to Australian Dollar exchange rate is trading down 0.82% at 1.46940 EUR/AUD.
The Euro to Swiss Franc exchange rate is trading up 0.13% at 1.23055 EUR/CHF.
The Euro to Pound exchange rate is trading up 0.07% at 0.86144 EUR/GBP.
The Euro to Rand exchange rate is trading down 0.83% at 13.14305 EUR/ZAR.

For more live spot exchange rates please see the main Currency Rates page.

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