Economic confidence across the eurozone has more than doubled market expectations, coming in at a ten-month high this morning to add to the view that the eurozone is emerging from recession. Economic confidence rose to 80.6 in August, while industrial confidence reached -26, rising 2 points from last month. Consumer confidence across the region sunk one point, to -23.

Growth in the German service and French manufacturing sector helped fuel the rise in confidence, with the euro area hardly contracting in the second quarter. The ECB has warned that rising unemployment could still provide an obstacle to sustained recovery, as euro unemployment is set to reach 10%.

Euro exchange rates are currently heading for their second monthly gain against the US dollar, currently trading at USD1.4379 and GBP0.8791.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.