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Pound Euro exchange rate reaches a 1 month high
Published: 7 Nov at 11 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Rupee Exchange Rate, Euro Crisis, UK, Economy, Inflation,
The pound reached a one month high against the euro yesterday after better than expected UK industrial output data.
According to data from the Office for National Statistics (ONS), UK industrial production rose at a 0.9% month-on-month pace during September, much higher than had been forecast by analysts.
In addition, a report from the National Institute of Economic and Social Research (NIESR) estimated that UK economic output grew by 0.7% in the three months to October following on from an increase of 0.8% in the three months to September 2013.
The NIESR also estimate that the current level of gross domestic product (GDP) in the UK is now 5.6% above the trough of in April 2009 at the height of the recession but is still 2.3% below its pre-recession peak which was reached in January 2008.
The euro remains under pressure as analysts predict that the European Central Bank could cut or signal a future interest cut when it meets for its policy meeting tomorrow following the very disappointing inflation and unemployment data out last week.
The European Commission reported yesterday that it has downgraded its euro zone gross domestic product forecast for 2014 from 1.2% to 1.1%. The EC also expects the euro zone economy to contract by 0.4% this year and the unemployment rate to remain at 12.2% in line with previous forecasts.
In addition, euro zone retail sales volumes dropped by more than expected in September with seasonally-adjusted retail trade falling by 0.6% from August, a much sharper drop than had been expected.
Better economic news out of the US helped the US dollar to make inroads yesterday as data showed that the US services-sector activity expanded at a faster than expected rate in October.
According to data from the Office for National Statistics (ONS), UK industrial production rose at a 0.9% month-on-month pace during September, much higher than had been forecast by analysts.
In addition, a report from the National Institute of Economic and Social Research (NIESR) estimated that UK economic output grew by 0.7% in the three months to October following on from an increase of 0.8% in the three months to September 2013.
The NIESR also estimate that the current level of gross domestic product (GDP) in the UK is now 5.6% above the trough of in April 2009 at the height of the recession but is still 2.3% below its pre-recession peak which was reached in January 2008.
The euro remains under pressure as analysts predict that the European Central Bank could cut or signal a future interest cut when it meets for its policy meeting tomorrow following the very disappointing inflation and unemployment data out last week.
The European Commission reported yesterday that it has downgraded its euro zone gross domestic product forecast for 2014 from 1.2% to 1.1%. The EC also expects the euro zone economy to contract by 0.4% this year and the unemployment rate to remain at 12.2% in line with previous forecasts.
In addition, euro zone retail sales volumes dropped by more than expected in September with seasonally-adjusted retail trade falling by 0.6% from August, a much sharper drop than had been expected.
Better economic news out of the US helped the US dollar to make inroads yesterday as data showed that the US services-sector activity expanded at a faster than expected rate in October.
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Source: moneytransfer.co.uk