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Posted September 16th, 2013 by Charles Purdy

Euro struggles as recovery is at best slow

The euro had a mixed end to the week, depreciating further against sterling – notably reaching its weakest point since January. The single currency experienced some volatility against the US dollar although made little net movement given the dollar’s continuing weakness towards the end of the week. The Eurogroup meetings did not provide any discussion which had a notable effect on euro performance and fluctuations occurred largely as a result of events elsewhere. Looking ahead to this week German Economic Sentiment data is expected on Tuesday and may drive euro movement. After positive Eurozone sentiment data improved fortunes last week, German data has the potential to either further or reverse this effect. The Eurozone also awaits consumer inflation data and current account balance figures, due on Monday and Tuesday respectively. Both have scope to affect performance but all in all the week is relatively sparse as regards influential figures. Call your trader now to see how the single currency fares in the week ahead.

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Posted September 13th, 2013 by Charles Purdy

Euro struggles against sterling

The euro weakened significantly this week, dropping to levels not seen since as far back as January of 2013 against sterling. Despite being boosted on Monday with considerably better than expected investor confidence, this proved to be the only release to provide some support for the currency. With no major data out on Tuesday the euro’s performance stalled and by the time Wednesday came about any previous gains had all been lost. The single currency performed poorly against the continued strength of the pound; however, it fared slightly better versus its US counterpart. The last time the president of the ECB president spoke he expressed extreme caution and even went as far as to suggest a potential interest rate cut could be necessary. When he spoke this week he little to dispel these fears as he once again confirmed that he would consider a further reduction if money market rates climbed too high. Euro zone employment is due out this morning but aside from this nothing else of any note is expected. Call now to see how the euro is performing as the Eurogroup and ECONFIN meetings commence which will look to analyse the current state of the economy in Europe.

Posted September 12th, 2013 by Charles Purdy

Will Draghi undermine the euro

Yesterday proved to be another mixed day for the euro in the absence of any data with enough weight to have an impact on performance. The single currency lost some ground against a strong sterling, but did appreciate against the US dollar making gains …

Posted September 11th, 2013 by Charles Purdy

Euro steady pending ECB Presidents speech

Yesterday was a quiet day for the euro as it traded within a relatively narrow range against its major trading partners. After being boosted by much improved investor sentiment on Monday, the single currency seemed to stall yesterday, as it weakened slightly against sterling and we saw the euro plateau against the US dollar. French Manufacturing data came through worse than expected, detailing slight contraction in the sector as opposed to the marginal growth that was predicted. The data proved not to be hugely influential, but may have contributed to the single currency’s failure to capitalise on Monday’s positivity. Today, German 10-year bond yields may have a bearing on euro performance, but we will see more influential events tomorrow as ECB president Mario Draghi speaks again and monthly Industrial Production data for the Eurozone comes through. Call your data now to see how markets react in the run up to Draghi’s next address.

Posted September 10th, 2013 by Charles Purdy

Investor confidence boosts the euro

After seven days of considerable depreciation against major trading partners, the euro made a much more positive start to this week. The single currency made ground against the US dollar throughout the day and made reasonable gains against sterling during the afternoon. The burst of euro appreciation against its major peers was spurred on by surprisingly positive Eurozone sentiment data being released in the morning. The survey of investors showed optimism for the first time in over two years and surpassed mainstream predictions. After a string of negative data, this was what was needed to provoke some movement in the opposite direction. It is yet to be seen whether yesterday’s movements represent a change of momentum or merely a blip amidst the on-going decline of the seventeen-nation currency. Today, French monthly Industrial Production data will help to steer market movements and investor speculation may cause a degree of volatility as we wait until later on in the week for more influential Eurozone data. Call your trader now to track euro performance and access a live rate.

Posted September 9th, 2013 by Charles Purdy

Euro under pressure against sterling

The euro had an unexceptional end to last week after weakening consistently throughout. German Trade Balance data and German manufacturing data both came through worse than expected, which did nothing to stop the single currency slide. The euro appreciation against the US dollar came as a result of poor US data whilst little net movement was seen against sterling on Friday. Looking ahead to this week, speculation in the wake of the president of the ECB’s` statement last Wednesday and events elsewhere are likely to fuel euro movement. A number of data releases from the Eurozone may prove influential. These include French industrial production data on Tuesday and German 10 year bond yields on Wednesday. Additionally, on Thursday we have the European Central Banks monthly bulletin, which reveals the statistical data taken into account when making the decision to maintain interest rate at its current level. Call your trader now to see whether the euro will find key support levels or continue its decline.

Posted September 6th, 2013 by Charles Purdy

Euro falls on poor data and possible interest rate cuts

The euro has been on a slippery slope this week and has seen little respite in its slide against major peers. Last week we saw a lot of data from Germany, whereas this week we had a variety of data from the Eurozone’s other major economies. The data was mixed with the majority coming through worse than expected, this was in contrast to the more consistent economic indicators seen in the UK and the US. Thursday’s ECB rate statement and president Mario Draghi’s subsequent speech caused the seventeen-nation currency to weaken further as he discussed a further interest rate cut. This caused the euro to reach six-week lows against the US dollar and extended three-month lows against sterling yesterday. After an extended period of depreciation the euro is still looking for some support to kick in. Today we have German trade balance data and monthly manufacturing figures coming through, which may have some bearing on performance in the short term, but continued appreciation may prove to be illusive until we see some more consistent data.

Posted September 5th, 2013 by Charles Purdy

Euro has mixed day following disappointing retail sales

The euro had a mixed day yesterday, as varying data and external influences saw it reach a new three-month low against sterling before recovering slightly. Performance against the US dollar, however, was slightly improved as the pair traded within a narrow range throughout the morning, before moving sharply in the euro’s favour during the late afternoon. Monthly sales figures for the Eurozone failed to live up to expectations as they revealed marginal growth of 0.1%. Italian Services data disappointed, showing greater contraction than was expected, but conversely Spanish Services figures were markedly better than expected, revealing some growth as opposed to the contraction that was expected. Today, expect euro performance to be influenced by the European Central Bank (ECB) press conference following their rate decision. Interest rates are widely predicted to remain at 0.5%, but investors will be paying close attention to the statement that follows to get further insight into future monetary policy. Call your trader now to see how markets react to the ECB’s comments.

Posted September 4th, 2013 by Charles Purdy

Euro continues to struggle as Spanish unemployment data disappoints

The euro had a relatively poor day yesterday, notably falling to a three month low against sterling and also steadily lost ground against the US dollar. Spanish unemployment data came through slightly worse than expected, which may have had some impact on the poorer performance, but momentum is not in the euro’s favour at the moment and performance has suffered as positive data has been a regular feature for major peers, but has been sporadic at best for the seventeen-nation currency. Services data from Europe will be watched closely today – in particular the Spanish and Italian release – along with subsequent Eurozone monthly retail sales data may have more of an impact today ahead of Thursday’s interest rate decision and following press conference from the ECB tomorrow. Call your trader now to see if the euro can find some support.

Posted September 3rd, 2013 by Charles Purdy

Euro struggles despite better than expected data

The euro had a mediocre day yesterday despite Spanish and Italian manufacturing data coming out better than expected. After an array of mixed German data last week, these promising figures failed to have a notable effect on the fortunes of the single currency. Limited fluctuations were seen in the euro’s major pairings as it lost some ground against the US dollar and notably reached its weakest level since late June against sterling. We may see increased volatility for the seventeen-nation currency today and tomorrow in the build-up to Thursday’s interest rate decision and following the European Central Bank press conference. Commentators are not expecting the ECB to alter their stance to any great degree following last month’s meeting and are likely to maintain a similar stance on forward guidance as well as keeping interest rates at 0.5%. In the meantime, Spanish unemployment figures are set to be released this morning and variance from expectations may drive euro movement. The general consensus is for a minimal reduction in the number of unemployed people in Spain during the previous month. Call your trader now to see the effect the data has on performance ahead of Thursday’s more influential events.

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