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Posted December 15th, 2014 by Charles Purdy

Lots of Eurozone data – will the euro benefit or lose ground?

Friday saw the euro finish the week on strong footing, advancing steadily against sterling and the US dollar throughout the day. With Eurozone industrial production figures coming in just below forecast, the euro strength on Friday could be attributed to over-selling on Thursday, given the dearth of significantly positive news from the Eurozone.

It promises to be an interesting week in terms of fundamental releases, with a raft of data coming out across the bloc. Tomorrow we have flash December manufacturing and services industry Purchasing Managers’ Index (PMI) figures from a number of member states. The figures indicate the health of the relative industries, and are watched closely by markets. Later in the week we have German economic sentiment and business climate data. These are also hold sway with traders, with Germany being the flagship Eurozone 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 December 12th, 2014 by Charles Purdy

Euro starts well, finishing badly

A difficult week for the Eurozone but strangely a better than expected week for the euro. Data continues to, on the whole, disappoint and we also had the surprise decision by the Greek government to push forward a parliamentary vote for president to next week. This is a key vote because if there is a change then there could well be a stark choice between the Eurozone writing off a significant proportion of the debts it is owed by Greece of Greece leaves the Eurozone/European Union. Given the disruption that the Scottish Independence vote had on sterling we shouldn’t underestimate what could happen to the euro.

Posted December 11th, 2014 by Charles Purdy

Euro continues to rally

It was another day of subdued gains for the euro yesterday as its positive week continues. Logging gains against the majority of its peers, most notably against the US dollar and sterling, the euro managed to shrug off the unsettling news out of Greece that a snap election had been called. There is a certain amount of nervousness around the situation in Greece, with the far left Syriza Party being strong favourites to be voted in to power. The result of such a turn of events, markets are speculating, is that either the EU will be forced to write off Greece’s debt, or that we will see Greece become the first member-state to exit the Eurozone since its inception.

Posted December 10th, 2014 by Charles Purdy

Euro, surprisingly, strengthens buoyed by positive German data

The euro took some strength in the early session yesterday, logging similar gains against sterling and the US dollar. This is surprising given the calling of a snap presidential election in Greece and the uncertainty that this could bring on its continued membership of the Eurozone. However, German trade balance figures released in the early morning were released, coming in at €20.6 billion, up €2 billion from the previous month’s figures. With Germany being the Eurozone’s flagship economy, any positive data from the region has a particularly strong influence on the markets. Some of the gains seen in the early session were pegged back in the afternoon.

Posted December 9th, 2014 by Charles Purdy

Euro under pressure and no end in sight

Yesterday saw the euro drop off to fresh two-and-a-half-year lows against the US dollar yesterday, with the Eurozone currency seemingly still feeling the hangover from Friday’s strong US jobs report. Falling to 1.225 in the early session, the single currency did manage to stage a subdued comeback in the afternoon against both its US and UK counterparts, but still remains weak against its primary pairings. Comments made by a senior European Central Bank (ECB) policymaker – who talked up the benefits of a ‘shock and awe’ quantitative easing strategy – also weighed heavy on the euro. Thursday could be a key day as we will find out how well the offer of cheap loans from the ECB has been taken up.

Posted December 8th, 2014 by Charles Purdy

A lack of data this week may be good for the euro

Friday was a relatively uneventful day for the euro, with any movements largely being triggered by events elsewhere. It took some strength in the early session following the release of German factory orders data, but any gains were given back in the afternoon following US non-farm payroll figures. US dollar strength saw the euro drop off against its American counterpart, and ground was also lost against sterling. Historically, if the US dollar strengthens significantly we see the euro weaken against its other peers, as traders sell off euros to buy up a strengthening dollar.

This week is a relatively quiet one on the data front, with industrial production figures from across the European bloc being the main fundamentals to keep an eye on.

Posted December 5th, 2014 by Charles Purdy

ECB prevarication boosts the euro

The euro rallied yesterday, logging gains of around 1% against its two biggest trading partners, the US dollar and the British pound. The afternoon saw the European Central Bank (ECB) hold interest rates at their current 0.05% level, but it was the press conference that followed the decision that triggered the euro gains. In the conference ECB President Mario Draghi stated that policy-makers were unanimous in the decision that any quantitative easing (QE) measures will not be implemented until at least the first quarter of 2015. With inflation levels getting perilously low, many expected Draghi to announce an increase in stimulus measures yesterday, so markets responded quite aggressively to the speech.

Posted December 4th, 2014 by Charles Purdy

Euro under pressure from poor data and QE

A difficult day for the euro yesterday saw it trek back to two-year lows against the US dollar, and to month-long lows against sterling. Early in the morning saw the release of Purchasing Managers’ Index (PMI) data from the services industry, which, coming in below forecast, was enough to undermine the single currency ahead of today’s speech by Mario Draghi, President of the European Central Bank (ECB) following their monthly meeting. Monthly retail sales figures were also short of expectations, and the currency’s poor performance was exacerbated by both the US dollar and sterling having particularly strong days.

Today again promises to be an interesting one for the euro.

Posted December 3rd, 2014 by Charles Purdy

Euro loses ground against the US dollar

Much like on Monday, market movements surrounding the euro yesterday were largely attributed to events elsewhere, with no significant data released. A strong US dollar caused the euro to drop off against its American counterpart, and as such, after a subdued recovery over the past 2 weeks, the Eurozone currency was back trading near two-and-a-half-year lows. The euro finished the day  fairly close to where it opened the day’s trading.

Today we have a raft of services industry data from across the European bloc, but unless we see a significant deviation from forecast in the results, expect markets to be relatively steady as traders look towards tomorrow’s Central Bank conference with anticipation.

Posted December 2nd, 2014 by Charles Purdy

Euro has a quiet start to the week

It was quiet start to the week for the euro, with the single currency trading in a fairly narrow range against the majority of its peers. A raft of manufacturing industry figures from across the bloc were released yesterday morning, but, had a muted impact on the markets after coming in largely in line with forecasts. A strong sterling saw the euro drop off against its British counterparts, and similarly a weak US dollar allowed the euro to gain a little, but provided no dramatic movement.

This morning we saw better than expected Spanish unemployment data with jobless claims falling by 14,688 in November.

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