All currencies are relative prices and if one goes down, another must by definition go up. The GBP ended the week a bit higher against the US Dollar and so do did the euro; albeit only modestly. The highlight for the Single Currency was the European Commission’s updated economic forecasts for the Eurozone economy. Back in Spring, it forecast euro area GDP growth of 1.7% in 2017 and 1.8% in 2018. These numbers have now been revised up to 2.2% and 2.1% with next year now seeing the economy growing at its fastest pace in a decade. European Commissioner Pierre Moscovici said, “We have entered a new phase of the economic recovery, with stronger growth driven by resilient consumption, the global upswing, loose financing conditions and falling unemployment”. Though still very high, unemployment in the euro area is expected to average 9.1% this year, its lowest level since 2009, dropping to 8.5% in 2018 and 7.9% in 2019. The EUR opened last Monday morning around 1.1615 and dipped down to a low of 1.1561 just before Tuesday’s US open. From that point it climbed slowly but steadily to a high of USD.1166 before ending week at 1.6662. The AUD/EUR cross rate began at 0.6585 and touched a high of 0.6625 on Thursday before ending Friday on its low at 0.6565. NZD/EUR, meantime, finished the week exactly unchanged at 0.5944.