EUR/AUD Exchange Rate Rises as Eurozone GDP Data Suffers in Fourth Quarter
The Euro to Australian Dollar exchange rate rose by 0.2% today, with the pairing currently fluctuating around AU$1.58.
The EUR/AUD exchange rate edged higher today despite news that Europe’s slower Covid-19 vaccine rollout could result in a slower recovery for the Eurozone’s economy.
Sam Miley, economist at the Centre Economics and Business Research, explains:
‘This downward pressure on economic output looks set to continue in early 2021 due to the clampdown on new, more virulent strains of coronavirus, while subdued economic activity could continue for an even more protracted period in light of the eurozone’s relatively slower rollout of vaccinations.’
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And separate figures have indicated the total unemployment rate within the 19 countries which are members of the monetary union remains at 8.3 percent. The figures, published by Eurostat, which provides statistical information to the institutions of the European Union, reveals the eurozone economy suffered a 0.7 percent GDP contraction in the final quarter (Q4) of 2020.
Factoring in the record quarterly contraction of 11.7 percent in Q2 and the strong 12.4 percent rebound in Q3, the net result is an annual GDP contraction of 6.8 percent for 2020 as a whole.