Earlier today, Eurostat, the statistics office for the European Union, released external trade data for March on the countries which share the common currency. Eurostat reported that the unadjusted Trade Balance (NSA) grew to €28.6 billion, against expectations from a recently conducted poll of €22.5 billion. That news helped to lift the Euro against the US Dollar as well as the Pound Sterling.
As reported at 10:52 am (BST) in London, the EUR/USD was trading at $1.1326, a gain of 0.07%. In today’s trading, the pair has ranged from a session low of $1.1311 to as high $1.1345, by all accounts a relatively tight daily trading band. The EUR/GBP is edged lower, however, and was trading at 0.7817 Pence, down 0.50%.
Upbeat Data Lifts Pound Sterling
The British Pound is being helped by today’s producer inflation report which was unexpectedly upbeat. According to the Office of National Statistics in the UK, PPI Core Output (NSA) for April improved to 0.2% from 0.1% against expectations that the figure would remain flat. The ONS also released Housing Prices for April (year-over-year) which jumped to 9% against expectations of a rise to 7.9% from 7.6%. The GBP/USD pair was higher at $1.4492, a gain of 0.59%; the pair has ranged from $1.4405 to $1.4523 in today’s trade.