European industrial production rises
Figures out this morning show industrial production rose across the eurozone climbing from -0.6% the previous month to -0.3% in July. On an annual basis industrial production is -15.9% down on this time last year, although this is better than the -16.7% drop markets were expecting.
Employment figures also released this morning show the labour market still faces a challenge on the road to recovery, with employment down -0.5% on last month. The European unemployment rate is currently running around 9.5% and is expected to continue to rise even as the region inches towards recession. European exchange rates have been marginally bullish recently, climbing against the US dollar and pound as optimism over recovery in the region grows. Economic growth forecasts from the European Union are out tomorrow and the region is expected to return to growth in the third quarter.
The current euro exchange rate is GBP0.8797 and USD1.4545.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.