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Posted December 31st, 2013 by Charles Purdy

Euro enjoys a positive day

The euro had a broadly positive day, making gains against the majority of its trading partners. Although the Italian 10-year bond auction was the only data out of the Eurozone worth any note (it sold higher than the prior auction around a month ago), the statement from the European Central Bank (ECB) president over the weekend contributed greatly to the euro’s strength. He said that “there is no immediate need to act” with regards to interest rates at the moment even though the “crisis isn’t over” however, he also mentioned that “there are many encouraging signs” which would not have been expected last year. These include slow but steady recovery in some of the Eurozone countries, reduction in budget deficits along with other improvements. Draghi also promised to ensure inflation would not be “stuck permanently below one percent and thereby slip into the danger zone” even though they are “not seeing any deflation at present”. We have a quiet day today with a bank holiday in Germany. Call your trader for the latest news and a live rate.

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Posted December 30th, 2013 by Charles Purdy

Euro supported by comments from the ECB President

The euro reached a 2 year high of 1.3895 against the US dollar on Friday and was supported on Friday as the ECB president all but ruled out another cut to the main interest rate as he suggested there was no sign of deflation. Moreover, the head of the German central bank said that the ECB must “raise rates at the right time should inflation pressure mount” hinting that the central bank is not against raising interest rates. On the data front this week, there is a benchmark 10 year bond auction in Italy today, manufacturing PMI data released across Europe on Thursday and data showing the change in Spanish unemployment released on Friday.

Posted December 23rd, 2013 by Charles Purdy

The Euro holds steady despite its woes

The euro stayed fairly range bound on Friday with little data of high impact released. The only data of note was the monthly German inflation data which came out slightly worse than forecast along with German Consumer Climate  which was slightly better than expected. We have a quiet week ahead with the Christmas holidays with little to no data released although France is releasing its final estimate for third quarter growth figures and consumer spending for November tomorrow. However low trading volumes may cause exaggerated movements in the markets. Call your trader now for the latest news and rates!

Posted December 20th, 2013 by Charles Purdy

Euro impacted by news from elsewhere

The euro started the week in an uneventful fashion, showing little movement against sterling and the US dollar. Data releases were mixed with French Manufacturing figures showing greater contraction than expected alongside French Services figures, yet German Manufacturing data revealing greater growth than expected as the Eurozone’s largest economy continues to lead the Eurozone recovery. The impact of data releases was limited throughout the week and the sharp movements in euro pairings came largely as a result of events elsewhere. It wasn’t until Wednesday that we saw sharp depreciation against both sterling and the US dollar in response to UK unemployment data and the Federal Open Market Committee (FOMC) Statement respectively.

Posted December 19th, 2013 by Charles Purdy

Euro weakens as US start to taper

German Business Climate data came out largely as expected yesterday, causing euro movements to be largely determined by events outside of the Eurozone. The single currency depreciated sharply against a resurgent sterling in response to a further drop in the UK unemployment rate, whilst again trading within a relatively narrow range against the US dollar ahead of the Federal Bank’s central bank meeting. Once the US taper was announced we saw the euro weaken rapidly against the US dollar and sterling. Eurozone Current Account figures are due out this morning and will detail the difference in value between imports and exports in the seventeen-nation bloc.

Posted December 18th, 2013 by Charles Purdy

Positive German data supports the euro

Once again the single currency traded within a relatively narrow range against major peers yesterday despite German ZEW Economic Sentiment data showing increased optimism amongst key investors in the Eurozone’s largest economy. With a figure above 50 indicating optimism, the result of 62 points greatly exceeded predictions, which averaged at around 55. It is perhaps surprising that the seventeen-nation currency did not make more ground against sterling and the US dollar, although this lack of movement could be attributed to investors caution ahead of today’s array of influential events. In terms of Eurozone data we can expect German Business Climate figures to be released in the morning.

Posted December 17th, 2013 by Charles Purdy

Euro holds its own

The euro made a tentative start to the week yesterday as mixed manufacturing data failed to inspire notable movement in the euro. French Manufacturing figures showed greater contraction than expected as did French Services figures, however German Manufacturing data revealed more growth than expected as the Eurozone’s largest economy continues to lead the Eurozone recovery. European Central Bank (ECB) President Mario Draghi made another address yesterday as the Eurozone looks to move closer to a banking union, but his words failed to have any real effect on the performance of the single currency yesterday. Looking ahead to today, German Economic Sentiment data is set to be released mid-morning along with Consumer Price Index data for the Eurozone.

Posted December 16th, 2013 by Charles Purdy

Will the Euro continue its good run?

The euro finished the week in a rather uneventful fashion as it traded within a narrow range against its major trading partners. Despite European Central Bank (ECB) President Mario Draghi making two speeches, the single currency was relatively stable. Expect increased volatility from the off next week as French and German Manufacturing releases are expected on Monday ahead of another Draghi speech in the afternoon. This is followed on Tuesday by German ZEW economic sentiment figures, which are derived from a survey of key economists and analysts. The final EU Summit of the year takes place on Thursday and Friday and will focus on reaching an agreement for the Single Resolution Mechanism – the new supervisory body for the Eurozone banking systems.

Posted December 13th, 2013 by Charles Purdy

Euro on top as we get close to Christmas

Euro volatility has been more limited this week despite two addresses from European Central Bank (ECB) President Mario Draghi and a reasonable number of data releases. The single currency has continued to appreciate against the US dollar, albeit at a slower pace, whilst strengthening moderately against sterling towards the end of the week. Data releases have been mixed this week with German Industrial Production figures for October showing a 1.2% decline when they were released on Monday; Italian manufacturing figures showing increased growth on Tuesday; and both the French Final Non-farm Payrolls and German Final Consumer Price Index figures coming out unchanged from the preliminary estimate on Wednesday.

Posted December 12th, 2013 by Charles Purdy

Euro continues to strengthen

The single currency maintained an upward trajectory yesterday in what was a relatively quiet day in the Eurozone. Both the French Final Non-farm Payrolls and German Final Consumer Price Index figures were unchanged from the preliminary versions of each data set which had been released previously, yet the euro maintained momentum. The sterling – euro rate dipped below 1.19 for the first time in three weeks whilst the seventeen-nation currency continued its move towards two year highs against the US dollar. Today’s events of greater influence are likely to spur sharper movements in euro crosses. European Central Bank (ECB) President Mario Draghi is due to speak about Central Bank policy in Strasbourg this morning, an address that is likely to cause movements as traders move to predict if and when we will see further interest rate reductions and pay close attention to any mention of further long-term refinancing operations (LTROs).

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