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Posted February 27th, 2015 by Charles Purdy

Euro friendless and weakening

The euro continues to be under pressure losing over a cent against both the US dollar and sterling during the course of yesterday afternoon. Business and consumer confidence sentiment data released on Thursday disappointed as they came out worse than forecast.

Today the consumer price index will be out at 1pm, and this is forecast to improve from -0.4% up to -0.2%.

The euro has very few friends and lots of problems and to compound this we have the start of Eurozone quantitative easing in March.

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 February 26th, 2015 by Charles Purdy

Will todays flow of German data boost the euro?

The euro remained largely unchanged on Wednesday against other major currencies. This was largely due to the on-going concerns over Greece’s bailout extension, which is keeping investors cautious. This morning however, we see a raft of data out of Germany – this includes consumer confidence, retails sales and unemployment data. This could be a boost for a currency that desperately needs one.

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

Posted February 25th, 2015 by Charles Purdy

Euro steady as Greece gets 4 month debt extension

On Tuesday the euro made ground during the morning but weakened off again as the afternoon progressed, with the Consumer Price Index data coming out as expected – it had limited impact. The strength in the middle of the day came due to the European finance ministers approving Greece’s reform program, confirming a four month extension of the country’s bailout agreement. You would hope that the politicians will use the four months wisely but often politicians defy logic and I would expect come the end of June there will be a mad dash and lots of brinkmanship to sort out the Greek debt problem.

Posted February 24th, 2015 by Charles Purdy

The Euro continues to struggle

On Monday, the euro was weak against the other major currencies as concerns over the conditions of Greece’s bailout extension kept investors nervous – despite the big news on Friday that the euro zone had approved the extension of Greece’s €240 billion bailout, removing, hopefully, the possibility that Greece would go bankrupt when its current bailout agreement expires on February 28th.

Europe’s biggest country, Germany, had some positive news with the business confidence survey release which rose for the fourth time in as many months. However, the 106.7 figure was below the forecasted 107.7, although a slight improvement on January’s 106.7, which helped to undermine the euro.

Posted February 23rd, 2015 by Charles Purdy

Euro destiny dominated by Greek debt discussions

The euro’s future continued to look gloomy as it reached new lows again towards the end of last week. The euro fell to one-week lows against the US dollar on Friday, despite positive Eurozone data, as concerns over the Greek debt crisis continued to dampen demand for the single currency.

For the week ahead there is a whole raft of data, particularly from Germany, including consumer confidence, consumer price index and growth figures, all of which should have an impact on the single currency but are likely to be overshadowed by the on-going talks between the Eurozone and the Greeks. There certainly seems to be a realisation from the politicians that no agreement is the worst of all worlds for everyone concerned.

Posted February 20th, 2015 by Charles Purdy

Euro struggles as Greece fails to extend its bailout package

It was a another painful day for the euro yesterday, with the single currency falling to fresh 7-year lows against sterling, whilst falling to the lowest level against the US dollar all week. The euro continued its decline as it was reported that Germany rejected a proposed bailout extension request from Greece. Athens faces the prospect of running out of money by the end of the month should a deal not be agreed. The European Finance Ministers meet again today and reports suggest that the German leaders are closer to agreeing on a deal. The European Commission had welcomed the bailout extension request earlier in the week, as it was deemed a reasonable compromise and would therefore bring stability to the Eurozone.

Posted February 19th, 2015 by Charles Purdy

Will the Greeks ask for an extension in time?

New highs were reached against sterling on Wednesday as Greece’s current €240 billion bailout is due to expire at the end of the month and the new Greek government does not want it extended. Athens have initially rejected a proposed six-month extension of the bailout as unacceptable. They have until Friday to request an extension otherwise the bailout will expire on February 28 and the country could well run out of money, which could trigger the country’s exit from the euro zone. Expectations are that the Greeks will request an extension before this deadline but who knows in this high risk low reward game.

Posted February 18th, 2015 by Charles Purdy

Euro holding up despite tough Greek debt negotiations

The euro had a reasonable day on Tuesday as German ZEW economic sentiment data improved for a third straight month although it was below forecast.

The main story though still centres on the Greek debt renegotiation and will this be settled before the Greeks run out of money. Negotiations are tough, which is to be expected, but time is short so we could be in for hectic few days and some rapid movement in the euro. The direction of the movement will be dependent on how it all plays out.

Today we have no data releases out of Europe so the focus will still lie on Brussels and whether a negotiation will look any more likely as the week progresses.

Posted February 17th, 2015 by Charles Purdy

Signs of life for the euro?

The euro had a difficult afternoon on Monday, as it lost ground against both the US dollar and sterling. It had started off Monday positively with consistent gains against the US Dollar – the best we have seen the Euro perform against the US dollar in almost a year. The gain came from better than expected German growth data and following the agreed cease-fire in Ukraine and Russia.

The market’s eye still remains fixed on Brussels for the outcome of more negotiations on the Greek bailout. Monday’s meeting seems to have started well but ended with recriminations and everyone is left wondering if the politicians will achieve some sort of agreement by the end of this week.

Posted February 16th, 2015 by Charles Purdy

Euro still struggling…

The euro continues to weaken against sterling. Following a difficult few weeks, it may still worsen for the single currency. Last week’s developments with Greece and European Union officials ended without an agreement on Wednesday, though both sides said there was still hope for a deal, and further talks are due to be held today.

Greece’s current bailout is due to expire on the 28th February – the new Greek government is very much against extending it, which is fuelling fears over a conflict with its creditors – this could trigger the country’s exit from the eurozone.

Good news came at the end of the week in the form of the German consumer confidence index, which rose to a 13-year high of 9.3 for February, providing a glimmer of hope for the in the coming weeks.

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