Business and consumer confidence in the eurozone has risen to its highest level since November 2008. The index, which rose from -25 to -23 in the month to July is still well below the long term average as industrial and production sectors remain weak, though the rising figures suggest a recovery may be underway.

Spain, Italy and Germany all reported a significant rise in confidence, despite growing unemployment rates. France and the Netherlands reported more marginal increases and outside the euro area, UK confidence is also slowly growing.

The euro exchange rate has strengthened this morning, climbing to USD1.4082 and GPB0.8522.

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