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Posted July 17th, 2014 by Charles Purdy

Euro continues to weaken in the absence of influential data

The euro continued weakened yesterday in the absence of any influential data released from the Eurozone. Trade balance figures for the eighteen-nation bloc – showing the difference in value between imported and exported goods and services – came out worse than expected; however, the effect of these figures is muted by the fact that the equivalent data for individual states is released at an earlier date. As a result, the single currency continued to weaken against both sterling and the US dollar, although at a slower pace than the day before.

Today, the monthly Consumer Price Index (CPI) is set to be released, providing a key indication as to levels of inflation in the Eurozone. Inflation is a strong bearing on the direction of monetary policy and will play a role in determining whether or not European Central Bank (ECB) President Mario Draghi will undertake a quantitative easing programme or take further action to support the Eurozone’s economy.

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 July 16th, 2014 by Charles Purdy

Euro weakens following Poor German data and fears over Portuguese banking crisis

The euro performed poorly yesterday as German ZEW Economic Sentiment data failed to provide any support for single currency. The German index, which is based on a survey of key investors and analysts, was revealed to be the lowest it has been since 2012 and was indeed less than what had been forecast – a worrying sign for the Eurozone’s largest economy. With the US dollar and sterling both performing well on the back of positive developments in their respective economies, the euro reached its weakest point against sterling since the summer of 2012, whilst falling to a 1-month low against the US dollar.

Posted July 15th, 2014 by Charles Purdy

Euro performs well despite poor industrial production data

Despite the French enjoying the Bastille day bank holiday and worse-than-expected Industrial Production data coming from the Eurozone, the single currency performed remarkably well yesterday, making significant ground against sterling. Events elsewhere helped the euro to perform well in the morning, whilst
Mario Draghi’s speech in the evening revealed that he felt a strong euro could put the Eurozone’s economic recovery at risk; but, made clear that the ECB does not have an exchange rate policy.

Today’s main release in Europe will be the German Economic Sentiment figures. Current market estimates suggest we will see another fall in confidence for the Eurozone’s largest economy which would likely weigh on the euro.

Posted July 14th, 2014 by Charles Purdy

Euro remains stable despite Portuguese banking scare

Friday was a quieter day for the euro and rate movements were limited before the weekend. No data of great importance was released and it would seem that there was no further reaction to Thursday’s Portuguese banking scare. This week promises more in terms of influential events. European Central Bank (ECB) President Mario Draghi is due to speak in Strasbourg today and perhaps spread a bit more light on future ECB monetary policy. As Draghi has explicitly stated that there is scope for more aggressive action should it be deemed necessary in order to meet the inflation target, traders will remain attentive and any hints given are likely to spur rate movements.

Posted July 11th, 2014 by Charles Purdy

Renewed Eurozone crisis fears as Portuguese bank misses repayments

The single currency strengthened steadily against sterling and the US dollar for the early part of this week, moving slowly away from previous levels. In general, there was not a lot of data from the Eurozone this week and rate movements came largely as a result of events elsewhere. However, this changed yesterday when the euro weakened sharply in response to a Portuguese bank missing repayments. This served as a reminder to investors that the Eurozone recovery is very much in its infancy and caused a decline in support for the eighteen-nation currency. By the close of play yesterday the euro had wiped out the gains that had been made earlier in the week.

Posted July 10th, 2014 by Charles Purdy

ECB President calls for deeper economic integration with in the Eurozone

Movements in euro rates were limited during the day yesterday as we saw it strengthen gently against both sterling and the US dollar. European Central Bank (ECB) President Mario Draghi spoke in London during the evening and suggested that there should be an even deeper economic integration between its member states to narrow the difference between the 18 members economies and stated that “some form of common governance over structural reforms” was needed.

French Industrial Production figures released this morning came out worse than expected showing a contraction of 1.7%; but, had a limited effect on the euro first thing.

Important events are occurring elsewhere today and are likely to have a stronger bearing on respective rates.

Posted July 9th, 2014 by Charles Purdy

Euro largely unchanged as events elsewhere dictate market movement

German Trade Balance data came out better than expected yesterday, showing a greater difference in the value between exported and imported goods than was forecast. However, once again the effect of this data was limited and sporadic rate movements against sterling and the US dollar occurred largely as a result of events elsewhere. Despite movements throughout the day, the euro ended the day in a similar position to where it started against these two currencies.

This evening, European Central Bank (ECB) President Mario Draghi is due to speak in London. His words have the potential to spur movements in euro rates given his instrumental role in implementing further changes in monetary policy.

Posted July 8th, 2014 by Charles Purdy

Euro has a mixed day

Yesterday was a mixed day for the euro as it performed variably against other major currencies. German industrial production figures came out much worse than expected, increasing concern that Europe’s largest economy may be starting to stall. In spite of this, the euro strengthened moderately against sterling and the US dollar following investor confidence figures coming out above market estimates.

With very little economic data due to be announced today, and indeed the rest of the week, it is likely that influential events outside of the Eurozone will continue to drive euro rate movements.

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

Posted July 7th, 2014 by Charles Purdy

Euro remains relatively stable

After losing ground against the majority of major currencies for large parts of last week, euro rates were relatively stable on Friday with little data released to move the market.

German industrial production figures came out much worse than expected this morning, increasing concern that Europe’s largest economy may be starting to stall. On Thursday we will see the release of the European Central Bank (ECB) monthly bulletin which displays the statistical data that was analysed by the ECB when making their latest interest rate decision.

Despite the lack of influential data released in the Eurozone this week, there is plenty going on elsewhere that has the potential to spur movements in euro.

Posted July 4th, 2014 by Charles Purdy

Euro under pressure

Despite some signs of early positivity for the euro, this week has seen considerable weakening on its part against other major currencies. From Monday evening onwards, the single currency c weakened against both the US dollar and sterling, with accelerated losses on Thursday. More positive economic releases from the UK and the USA played their role in rate movements, whilst European Central Bank (ECB) President Mario Draghi’s address yesterday further contributed towards the euro slide. Draghi stated that interest rates in the Eurozone would remain at all-time lows for an extended period of time as the eighteen-nation bloc searches for a footing upon which to build a sustainable recovery.

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