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Posted March 17th, 2015 by Charles Purdy

Euro starts the week positively

The euro regained some ground against both sterling and the US dollar on Monday, recovering from 12-year lows against the latter as the US has concerns over its recent sharp gains. The single currency was also boosted by Italy’s central bank governor worries over the speed of how quickly it has fallen since the European Central Bank (ECB) launched its quantitative easing program last week.

This week, the markets will be looking closely at ZEW German economic sentiment data released today; a rise in morale for the German economy is expected and therefore likely to support the euro. However, the week started with an European Union (EU) meeting to discuss Greece, the ongoing crisis in Ukraine as well as the sanctions by the EU on Russia – all of which continue to hurt European growth.

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 March 16th, 2015 by Charles Purdy

Euro – any light at the end of any tunnel?

Still under pressure , the euro did manage to gain ground against sterling on Friday but against the US dollar it lost a further 1% – ending the day close to 12-year lows as the release of a downbeat US economic report did not affect the dollar and as concerns over the outcome of Greece’s bailout talks persisted.

Looking to the week ahead, Tuesday is the key day for Eurozone data with the release of ZEW German business confidence data – set to improve from 53 up to 59 – and inflation figures in the form of the Consumer Price Index data, which is forecast to improve slightly from -0.6% up to -0.3%.

Posted March 13th, 2015 by Charles Purdy

A glimmer of hope for the euro?

The euro finally rebounded from 12-year lows against the US dollar on Thursday, after a week of steep declines and pushing new lows every day. Impressive industrial production data really surprised the markets by coming out at 1.2%, with the forecast only at 0.1%. The single currency received an additional boost against the US Dollar after data showed an unexpected drop in American retail sales throughout February, which could make an early rate hike less likely. To put recent market movements into context, this week’s levels are 20% up on the corresponding week in 2014.

We do not expect any significant data releases tomorrow.

Posted March 12th, 2015 by Charles Purdy

Continued misery for the euro

The poor old euro took another plunge today against both the US Dollar and sterling. It moved over 1% to trade below 1.06 against the US dollar – the lowest point in 12 years – as the €1.1 trillion bond-buying program has begun to hit the single currency.

Against its major trading partner, the US dollar, the euro has lost almost 13% since the start of the year – on course for its worst quarter on record. The European Central Bank (ECB) has not set any alarm bells off just yet, as European policymakers seem to be suggesting they are comfortable with the fall for now, as it will benefit from imported inflation and increase export competiveness.

Posted March 11th, 2015 by Charles Purdy

Euro only going one way

The euro had yet another disastrous day against the all currencies on Tuesday. It sunk more than 1% and to its lowest level since April 2003 against the US dollar, thanks to pressure from the huge gap in the European Central Bank and the Federal Reserve’s monetary policy outlook. The Eurozone is just over a day into their new quantitative easing program and we have seen an immediate fall from this – breaking the 1.40 barrier against sterling for the first time since 2007. The only good news for the Eurozone was the surprise rise in French industrial output of 0.4 % in January, compared to forecasts of a -0.3% – but, as can be seen, this had very little impact for the suffering euro.

Posted March 10th, 2015 by Charles Purdy

No change for the Euro, still under pressure

The euro struggled on Monday, slumping to near eleven-and-a-half year lows against the dollar as the proposed Greek economic reforms talks got underway in Brussels. The single currency remained under pressure all day as the Eurozone finance ministers held talks to discuss a reform package put forward by Greece as part of its bailout agreement. This is likely to be the focal point of all euro currency movements this week, and the market will be keeping a keen eye on the fallout from this.

Earlier this morning we will see industrial data from both France and Italy which are expected to highlight both economies bumping along the bottom.

Posted March 9th, 2015 by Charles Purdy

Euro under pressure which is set to continue

It was a difficult week for the euro as it remained under pressure after European Central Bank (ECB) President Mario Draghi confirmed last Thursday that the ECB will begin purchasing Eurozone government bonds as from today under the new quantitative easing program. The euro managed to fall even further against its major peers on Friday and hit new multi-year lows as the euro suffered from impressive non-farm payrolls data from the USA.

For the week ahead it is a quieter week for Eurozone data; on Thursday we have industrial production, expected to improve to 0.3%, in comparison to the previous month’s figure of 0%.

Posted March 6th, 2015 by Charles Purdy

Euro has a very tough week

It was a big day on Thursday for the euro as it managed to hit new lows against sterling and the US dollar, hitting the lowest rate since September 2003 against the US currency. This was due to the European Central Bank (ECB) announcing specifics on its €1 trillion euro stimulus program. The central bank announced the program back in January to start the €60 billion a month instalments on the 9th March and this will continue up until at least September 2016. Interest rates remained at an all-time low at 0.05% as investors expected. The quantitative easing details will likely force the euro to weaken further.

Posted March 5th, 2015 by Charles Purdy

Euro under pressure (again)

On Wednesday the euro hit an eleven year low against the US dollar, breaking down through the 1.11 barrier following the release of mixed Eurozone economic reports. It struggled against the majority of its peers. Earlier on Wednesday the Eurozone services Purchasing Managers’ Index moved down to 53.7 in February in comparison to the forecast of 53.9. Though the figure was higher than January’s final reading of 52.7 it still indicated that service sector activity expanded at a slower pace than initially estimated.

Today we will receive further details of the European Central Bank (ECB)’s stimulus program in February. This should give more clarity on the package and how it will be rolled out.

Posted March 4th, 2015 by Charles Purdy

Eurozone data disappoints undermining the euro

The euro has fallen to five-week lows against the US dollar and remains very close to twelve years against it following weaker-than-expected Eurozone Producer Prices. The expectation was a fall of 3.1% whereas the actual reduction was 3.4%.

The big event coming up is the European Central Bank (ECB) meeting announcement on Thursday, when the central bank is expected to give much more detail on how it is going to execute its €60 billion a month quantitative easing program. This should be a good sign for the Eurozone and a small signal that the single currency could be turning a corner in the short term.

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