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Posted November 28th, 2014 by Charles Purdy

Euro also holds steady

After a difficult previous week, the euro managed to stabilise on Monday and find some firmer footing off the back of better-than-expected German business climate data. This was built upon on Tuesday, with more German data, this time growth figures, providing further support and causing the single currency to gain against a weak US dollar. Wednesday and Thursday saw the single currency trade in a fairly narrow range, with data releases coming in much in line with forecasts, while a speech by European Central Bank President Mario Draghi yesterday did little to move the markets. Despite this, the euro made up some ground in the late session against a weaker sterling.

Inflation figures today from across the bloc will be closely watched by traders, with Draghi having cited waning inflation levels as being the primary driver behind any decision to ramp up quantitative easing.

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 27th, 2014 by Charles Purdy

Today’s Eurozone inflation data could impact the euro

It was another relatively ordinary day for the euro yesterday, with no real notable data releases. German bond auction and import prices figures came in largely in line with forecasts, and as a result we saw the single currency hold firm against many of its peers. A small amount of ground was gained against a weaker US dollar, and it saw some small losses against a stronger sterling, but on the whole the euro was mainly unchanged.

Expect a more eventful day today, with a raft of inflation data being released from the bloc. Mario Draghi, President of the European Central Bank (ECB), has cited waning inflation levels as being the primary driver behind any decision to ramp up quantitative easing, and as a result traders will be watching the release closely.

Posted November 26th, 2014 by Charles Purdy

Euro steady

The euro built upon Monday’s steadiness with a subdued fight-back throughout the day yesterday, clawing back some of the ground lost at the end of last week. German growth figures in the morning came in line with most forecasts estimating 0.1% compared to the previous quarter’s reading, which provided a firmer footing upon which to enter the day’s trading. As a result, we saw the single make currency some gains against its US counterpart, particularly in the afternoon session.

Today is a quiet day on the data front, although German 10-year bond auctions may have some impact. Expect a relatively range-bound euro, however, as traders look with anticipation toward the retail sales and, more significantly, inflation data from across the bloc on Thursday and Friday.

Posted November 25th, 2014 by Charles Purdy

German business confidence boosts the euro

After Friday saw the euro have its biggest one-day fall in months, it managed to stabilise yesterday and find some firmer footing. On Friday, comments made by Mario Draghi, President of the European Central Bank (ECB), had pulled the rug from underneath the single currency, triggering a drop of over a per cent against its two main peers, but positive business confidence figures out of German yesterday, viewed as a forward looking indicator for the Eurozone’s largest economy, were enough to halt any further depreciation.

It looks set to be a relatively quiet day for the euro today, with very few fundamental data releases.

Posted November 24th, 2014 by Charles Purdy

ECB President worried about Eurozone inflation

It’s was a downbeat end to what had been a generally positive week for the euro up until Friday. Early Friday morning saw Mario Draghi, President of the European Central Bank (ECB), addressed an audience at the European Banking Congress in Frankfurt. In the speech Draghi focused on the bloc’s waning inflation levels, and stated that he and the other policy makers would be forced to broaden asset purchasing should the current levels worsen. An increase of asset purchases injects liquidity into the market, and hence devalues a currency. As a result, any decision to hike stimulus measures would trigger a euro sell-off.

Posted November 21st, 2014 by Charles Purdy

Eurozone data continues to disappoint

The euro stared the week in good stead, catching a much-needed break from the generally short position markets have taken over recent months. Tuesday was a positive day for the euro on the whole, with data in the morning fanning what was turning into a bit of a relief-rally for the single currency. German economic sentiment figures came in well above forecast, pushing the currency upwards against many of its peers as the day went on, helping it to hit fresh one-month highs against sterling.

With sentiment still heavily stacked against the euro, however, the currency remains vulnerable to any negative data releases.

Posted November 20th, 2014 by Charles Purdy

Euro awaits today’s PMI data

The euro had a relatively uneventful day yesterday, with the only data release being monthly current account (trade balance) figures. Despite the figures coming in a little above forecast, the euro held flat against the US dollar and lost some ground against a stronger sterling.

We expect today to be a more eventful one for the single currency, with a raft of economic health data coming from across the Eurozone. Purchasing Managers’ Index figures from both the manufacturing and services industries are forecasted to be up on last month’s release, and will be watched closely by traders.

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 19th, 2014 by Charles Purdy

Euro enjoys a moment in the sun

Yesterday was a positive day for the euro on the whole, with data in the morning fanning what is turning into a bit of a relief-rally for the single currency. German economic sentiment figures released at 10am came in well-above forecast, pushing the currency upwards against many of its peers as the day went on, hitting fresh one-month highs against sterling. The figures were encouraging, with any data from the Eurozone’s flagship economy holding significant sway in the market.

Sentiment is still heavily stacked against the euro which means it remains vulnerable to any negative data. Eyes will be on tomorrow’s Eurozone’s Purchasing Managers’ Index (PMI) figures for manufacturing and services and on Friday’s speech from Mario Draghi, the President of the European Central Bank, which will also be closely watched.

Posted November 18th, 2014 by Charles Purdy

The Euro has few supporters

Today the euro began at a four-week high against sterling, but weakened off as the day went on.

The main focus for this week will be on Germany, given that they narrowly avoided slipping back into recession last week. Today crucial ZEW business confidence data is released, previously at -3.6 but forecast to be positive this time at 0.5. Most of Europe will also look to Thursday as Purchasing Managers’ Index (PMI) data is released for November. The data will be likely to confirm a slow and narrow recovery, but economic conditions will be more stable than in the first part of this year.

Posted November 17th, 2014 by Charles Purdy

Euro strengthens against the US dollar and sterling

The euro strengthened against both the U.S dollar and sterling following positive euro zone third quarter growth data. The euro rose thanks to data confirming that both the German and French economies grew last quarter, with the French economy growing 0.3%, exceeding the 0.1% expectation. However, the general perception is that serious growth will escape the euro zone in the near future which risks reinforcing the euro’s more recent downturn against the dollar. The impact of the positive growth rates in the euro zone also helped the euro advance euro against sterling, consistently made gains throughout Friday.

Events for the euro this week start today, with a speech from ECB President Mario Draghi.

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