Eurozone Consumer Confidence figures were release today and came out better than expected at -11.1%. Whilst this is still not a good reading, any improvement above expectation is seen as positive and helped the EUR to solidify its position against GBP under 1.27 on the exchange.
The Eurozone continues to fight against weak growth forecasts and high unemployment but this in itself is starting to negatively affect other major economies, including the UK and it I do feel the EUR is more likely to move back through 1.25 against the Pound, the GBP spiking back through 1.28 on the exchange.
EUR/USD rates continue to trade well below 1.30, as the USD continues to find market support against the single currency. An upturn in the US economy has helped sustain the greenbacks position and I do not see any shift in market perception in the short-term.
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