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Posted October 31st, 2013 by Charles Purdy

Mixed data doesn’t undermine the euro

It was another fairly stable day for the euro yesterday as mixed stimuli resulted in little net movement against major trading partners. The single currency remained at a very steady level against sterling throughout the day and appreciated only slightly against the US dollar. Positive news was seen from the Eurozone as preliminary quarterly GDP figures from Spain suggested that Europe’s fourth largest economy has finally begun to emerge from the recession that it has been mired in for the last few years. Spain’s economic outlook has looked bleak amidst the high levels of debt and unemployment that have plagued the Iberian Peninsula and Southern Europe in recent years, so some investors are likely to see these figures as a the first small step towards sustainable recovery in Spain. This more positive news was counterbalanced by less promising data from Germany in the form of monthly unemployment figures and inflation data. Both sets were slightly worse than expected with unemployment numbers rising and Consumer Price Index data showing slight contraction. The single currency appears to be reaching a plateau after strengthening considerable throughout the month of October. Traders will be watching the markets closely to see if we will see continued euro-strength in November. Today’s Eurozone data releases include monthly German retail sales data and Consumer Climate information. Call your trader now to help you manage your exposure for the coming months.

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Posted October 30th, 2013 by Charles Purdy

The euro continues to hold its own

The euro had a mixed day yesterday, maintaining its momentum and making further gains against sterling, but losing ground against the US dollar. Those with market orders in place may have benefited from a spike in the euro – US dollar rate which saw it rise very briefly above the 1.38 mark during the afternoon before retreating throughout the rest of the day. With little in the way of data from the Eurozone yesterday, todays data should have a greater bearing on the performance of the single currency. From Germany, preliminary inflation and monthly unemployment numbers are set to be released along with Spanish quarterly GDP data.

Posted October 29th, 2013 by Charles Purdy

No bad news benefits the euro

In the absence of any notable data emanating from the Eurozone yesterday, the euro had a quiet day although it did strengthen below the 1.17 level against sterling. There was little movement seen against most major trading partners, with only minor fluctuations against both sterling and the US dollar. In general this month the euro has seen consistent appreciation against sterling and has made sharp gains against the US dollar during the second half of the month, reaching new highs for the year. This trend has continued, albeit at perhaps a slightly more moderate pace. Speculation continues to abound as to how long the single currency can maintain this trajectory.

Posted October 28th, 2013 by Charles Purdy

Poor data doesn’t undermine the euro

The euro had an impressive morning on Friday, posting gains against a basket of currencies, most notably a high not seen since November 2011 against the US dollar. These gains were short lived as the euro gave back some of these gains as German business confidence for October unexpectedly fell. This may suggest the euro’s recent resurgence is not down to its own strength and its performance could falter in the coming weeks. The euro has some important data releases in the coming week. German employment figures on Wednesday with the overall rate of unemployment in Europe released on Thursday. We also have Spanish GDP figures, German retail sales figures and inflation data released this week.

Posted October 25th, 2013 by Charles Purdy

Euro has a good week

The euro put on a dominant display this week, making substantial gains against sterling and the US dollar. The euro – US dollar rate reached new highs for 2013 as we saw it rise above 1.38. Much of this strength can be attributed to the poor labour data emanating from the USA released on Tuesday, whilst the seventeen-nation currency also strengthened consistently against sterling throughout the week. Aside from mildly better than expected Producer Price Index data from Germany, there has been little hard data underpinning euro performance this week, yet it has continued to strengthen against major peers as investor confidence returns to the Eurozone.

Posted October 24th, 2013 by Charles Purdy

Euro hits two year highs against dollar

The single currency yielded some of its earlier gains which had seen it rise to two year highs against the dollar and four year highs against yen. Euro strength may not be the driving factor behind these gains but there have been some positive notes of late. The Eurozone’s recovery seems to be steadily improving and news of the region’s debt crisis seems a distant memory to most. Obviously, the main driving factor has been the weakness of the American economy of late and investors are now of the opinion that tapering of the Federal Reserve’s monetary policy of printing money will be happening later i.e.

Posted October 23rd, 2013 by Charles Purdy

Euro steadily strengthens

Another promising day for the euro yesterday saw it reach new a new 2013 high against the US dollar following poor labour data in the US. The single currency also made small gains against sterling as it continues to gain momentum. Aside from mildly better than expected Producer Price Index data from Germany, there has been little hard data underpinning euro performance this week, yet it has continued to strengthen against major peers as investor confidence slowly returns to the Eurozone. Belgian Business Climate data is released today, but is only likely to have a small effect on the day’s proceedings, however, French and German manufacturing and services data sets that are set to be released tomorrow are likely to drive movement as they provide a key benchmark as to whether renewed Eurozone confidence is justified.

Posted October 22nd, 2013 by Charles Purdy

Euro strong against the US dollar

As the dust settles following the narrow avoidance of a US default the euro appears to be enjoying some modest benefits from the fallout. Yesterday saw some small fluctuations against the US dollar whilst the rate remained just below 1.37. We are very close to the year-high seen in February and may indeed see new highs if this trend continues. Investor confidence in the US dollar took a knock following the prolonged shutdown and some investors seem to have seen the seventeen-nation currency as a viable alternative safe-haven currency as data from the Eurozone improves. In terms of short-term performance there is little data set to be released today or tomorrow that is likely to affect euro pairings, however traders may begin to speculate ahead of Thursday’s key releases.

Posted October 21st, 2013 by Charles Purdy

Is the Eurozone on the road to recovery?

A steady week for the euro against sterling but against the US dollar it rallied to an eight and half month high. The main reason for the euro’s strength against the US dollar is probably more a result of events in the US rather than events in the Eurozone itself. This week Europe’s leaders meet at their autumn summit where banking union is likely to be discussed. Also this week we have the release of both the “flash” Purchasing Manger Indices for October for the Eurozone, Germany and France and the “flash” consumer sentiment data for the Eurozone. These data releases will be closely scrutinized as they will give a good feel for the state of the Eurozone economy and two of its key constituent countries.

Posted October 18th, 2013 by Charles Purdy

Positive Eurozone data supports the euro

The euro ended the week in positive fashion reaching the highest level since February against the US dollar, peaking at 1.3680. Data released this week was mainly positive with the month on month Industrial Production figures coming out at 1% compared to last months revised figure of -1%. We also saw a reduction in August of Italy’s government debt and improved figures from Germany’s ZEW survey. The Eurozone Commission is also hoping to announce that no further assistance will be extended to Spain following recent evidence of its self-sustaining recovery. Little data is due to be released from Europe today; but, we may see some movement as we head into the weekend with investors looking to lock in some profit.

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