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Posted December 2nd, 2015 by Charles Purdy

Investors are cautious ahead of Thursday’s ECB meeting

The euro extended gains against the US dollar and sterling on Tuesday as it found a great deal of support with the release of improved economic reports from the Eurozone. This was limited however, as investors were acting cautiously ahead of the European Central Bank’s (ECB) upcoming policy meeting and announcement this Thursday.

This morning, the euro is likely to be affected by the initial Consumer Price Index figures; likely to tick up from last month from 0% up to 0.2%. Producer Price index will also be released, but this is expected to fall slightly from -0.3% to -0.4%. Other than this there will be little support for the euro after a positive Tuesday.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

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Posted November 19th, 2015 by Charles Purdy

Euro is quiet

Wednesday was another day of little progress for the euro; it slightly improved its position against sterling and the US dollar in the morning, before these gains were then erased later on in the day. The recovery was limited due to the concerns that events in Europe over the weekend could affect the already fragile economic recovery.

This morning at 9am, the European Central Bank (ECB) net investment flow figure is released, along with the balance of payments data for the previous month; neither of these are expected to have much of an effect.

The majority of investors in Europe will be watching the continual developments surrounding last week’s events, and seeing how the French government will cope with this.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted November 12th, 2015 by Charles Purdy

Spotlight on Draghi today

The euro had a better day on Wednesday after a difficult series of days as it managed to edge higher against the US dollar, pulling back from close to seven-month lows as monetary policy expectations and now political upheaval in Portugal had put pressure on the single currency. The problem in Portugal arose after its Government collapsed after two weeks in power. The opposing left-wing party rejected its proposals in parliament as there was uproar over the proposed austerity measures. This has thrown the country into turmoil and contributed to recent euro weakness.

Today may be an important day for the euro. Inflation data in the form of a Consumer Price Index (CPI) from Germany has already been released earlier this morning. This was forecast to improve from -0.2% up to 0%.

Today’s industrial production data from the Eurozone will also be a key release this month. It is expected to edge higher from last month’s figure of -0.5%, up to -0.1%. However, the majority of investors will be listening closely to European Central Bank (ECB) President Mario Draghi, who is speaking today. Any indication on further loosening of monetary policy or timescales on when monetary policy could be altered is likely to have a negative effect on the single currency.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted October 29th, 2015 by Charles Purdy

Euro hit by increase expectations of US interest rate rise

The day started off on a poor note for the euro but had almost no effect on the market when French consumer confidence fell slightly from 97 to 96, and German consumer confidence held steady, remaining at the same level as the previous month. Following this, it was a positive day for the euro, particularly after ECB member Hansson stated that ‘he sees no convincing reason for further policy action at the next meeting’. This pushed expectations for any further quantitative easing back until December. Then the US Federal Reserve held their press conference and the euro went into freefall against the US dollar and sterling as the likelihood of the US increasing interest rates pre-Christmas increased significantly.

After a couple of quiet days on the data front for the euro, today is likely to have an impact on the market. Germany unemployment data is forecast to remain at 6.4%. The consumer price index (CPI) from Germany is expected to increase slightly from -0.2 up to -0.1%. Investors will be watching this closely as the CPI is a measure of inflation.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted October 22nd, 2015 by Charles Purdy

Investors await news from today’s ECB Policy meeting

The euro held steady against sterling and the US dollar on Wednesday as it remained data-less and as we await the outcome of the latest monthly policy meeting and the subsequent announcement from the European Central Bank (ECB) later today. The single currency was steady amid speculation that the ECB could flag plans to enlarge its stimulus program. Interest rates are expected to remain at 0.05% and it would be a huge shock to the markets if otherwise.

This morning business sentiment data from France is released and forecast to fall slightly from 104 to 103. Any figure above 100 is deemed acceptable. At 3pm Consumer confidence data is forecast to fall from -7.1, to -7.35.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted September 24th, 2015 by Charles Purdy

The euro strengthens thanks to Draghi’s announcement

The euro moved higher against the US dollar and sterling on Wednesday after European Central Bank (ECB) President Mario Draghi said it was too early to decide whether or not the central bank will add to its current stimulus program. Other than this we had Purchasing Managers’ Index (PMI) data from Europe which fell from 53.3 to 52.5 in September, while the services PMI ticked down to 54.3 from 54.9 but this data really did take a back seat though given Draghi was speaking in the afternoon.

Very early this morning consumer confidence data from Germany was released, and this was forecast to improve slightly from 9.8 to 9.9. At 9 am, there is more news from Germany with the Institute for Economic Research (IFO) business sentiment data which is forecast to fall from 102.2 to 101.5.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted May 5th, 2015 by Charles Purdy

Euro continues its upward trajectory

Last week the euro continued its extended rally against the US dollar, moving to a 10-week high as Greece managed its most significant concessions since heated negotiations began with its creditors in February. Athens leaders are still hoping to reach a new bailout deal before the €750 million payment is due to the International Monetary Fund (IMF) on 12th May. This is on top of Greece owing the IMF an additional €200 million on the 6th May.

With this working week starting on Tuesday for the UK, we missed out on a manufacturing Purchasing Manager’s Index (PMI) data from Europe on Monday, which was a forecast to come out at 51.9. Today we have PPI data for the Eurozone which is expected to be in positive territory for March. On Wednesday we have European retail sales data in the morning, forecast at -0.3% and the Purchasing Managers Index for the Services sector which is expected to show expansion again.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted April 24th, 2015 by Charles Purdy

Euro just about holds its own

Thursday was an unusual day for the euro; poor Purchasing Managers Index (PMI) data came out worse than expected, but the single currency managed to push higher against the US dollar, after downbeat US jobless claims and new home sales data put a large dent in the demand for the American currency. Another disappointing report for Spain’s unemployment rate showed a rise to 23.8% in the first quarter of this year, from 23.7% in the three months to December. This rounded off a less than positive week for the euro as it continued to wobble particularly against sterling when previously it had started to show small signs of recovery.

Today see more German data; at 9am there will be IFO business sentiment data, and this is expected to improve slightly from 107.9 to 108.4.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted April 23rd, 2015 by Charles Purdy

Euro slides against sterling

The euro remained under pressure on Wednesday, with the Greek government no closer to reaching an agreement with its Eurozone partners, and the International Monetary Fund (IMF) accessing the remaining bailout funds; this fuelled fears that the country could be forced out of the Eurozone. Previously, the single currency had climbed to its highest point in over a week against the US dollar, following some weak US economic reports, but the fallout from the Greek discussions along with stronger data from the US reflected poorly on the euro.

The single currency hit a month low against sterling also, as the Bank of England minutes were very much in favour of keeping interest rates where they are, some investors had been worried a cut in interest rates may have been on the cards. Consumer confidence data from the Eurozone figures were released, unfortunately coming out worse than expected at -4.6 (compared to the forecast -2.75).

There is a whole raft of data out today including German consumer confidence data and Eurozone Purchasing Managers Index (PMI) data which given yesterday’s change in momentum for sterling have the possibility of boosting sterling further if they disappoint.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted April 16th, 2015 by Charles Purdy

Sterling gives back its euro gains

Sterling ended the trading day close to where it had started against the euro. This however disguises the fact that there had been significant movements during the course of the day. Against the US dollar its overall movement was positive. These movements were primarily due to the news flow from elsewhere as there was a lack of significant economic data released from the UK.

Sterling had started the day in positive fashion against the euro, moving higher against the single currency in the lead up to the European Central Bank (ECB) decision on interest rates. With Eurozone interest rates remaining unchanged, sterling continued to rise before falling sharply as ECB President Mario Draghi kicked off their press conference. Despite Draghi’s attempts to assuage fears over the Greek debt situation, sterling soon pushed close to 1 month highs following the press conference. But come the close of the trading day in the UK, sterling suffered a setback in US trading against the euro with the euro moving back to where it had started the day.

A quieter start to the day against the US dollar saw sterling struggle initially. However, with manufacturing data from the New York area coming out well below expectations, sterling rose to a fresh 1-week high throughout the afternoon.

Another quiet day lies ahead for sterling, with US unemployment claims and manufacturing data from Philadelphia taking centre stage. If this manufacturing figures shows a similar slow-down to the New York area, we could see sterling strengthen further against the US dollar.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

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