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Posted May 5th, 2015 by Charles Purdy

Euro continues its upward trajectory

Last week the euro continued its extended rally against the US dollar, moving to a 10-week high as Greece managed its most significant concessions since heated negotiations began with its creditors in February. Athens leaders are still hoping to reach a new bailout deal before the €750 million payment is due to the International Monetary Fund (IMF) on 12th May. This is on top of Greece owing the IMF an additional €200 million on the 6th May.

With this working week starting on Tuesday for the UK, we missed out on a manufacturing Purchasing Manager’s Index (PMI) data from Europe on Monday, which was a forecast to come out at 51.9. Today we have PPI data for the Eurozone which is expected to be in positive territory for March. On Wednesday we have European retail sales data in the morning, forecast at -0.3% and the Purchasing Managers Index for the Services sector which is expected to show expansion again.

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 April 24th, 2015 by Charles Purdy

Euro just about holds its own

Thursday was an unusual day for the euro; poor Purchasing Managers Index (PMI) data came out worse than expected, but the single currency managed to push higher against the US dollar, after downbeat US jobless claims and new home sales data put a large dent in the demand for the American currency. Another disappointing report for Spain’s unemployment rate showed a rise to 23.8% in the first quarter of this year, from 23.7% in the three months to December. This rounded off a less than positive week for the euro as it continued to wobble particularly against sterling when previously it had started to show small signs of recovery.

Posted April 23rd, 2015 by Charles Purdy

Euro slides against sterling

The euro remained under pressure on Wednesday, with the Greek government no closer to reaching an agreement with its Eurozone partners, and the International Monetary Fund (IMF) accessing the remaining bailout funds; this fuelled fears that the country could be forced out of the Eurozone. Previously, the single currency had climbed to its highest point in over a week against the US dollar, following some weak US economic reports, but the fallout from the Greek discussions along with stronger data from the US reflected poorly on the euro.

The single currency hit a month low against sterling also, as the Bank of England minutes were very much in favour of keeping interest rates where they are, some investors had been worried a cut in interest rates may have been on the cards.

Posted April 17th, 2015 by Charles Purdy

Euro steady despite expectations of a Greek default

All things being equal it was probably a good week for the euro as the situation in Greece escalated. Economic data seems to be improving as the weak euro is boosting exports and the European Central Bank made no changes on Wednesday to their monetary policy.

Yesterday the yield on 10-year Greek bonds took a jump, and the yield on two-year bonds also spiked, as concerns begin to grow that Athens is no closer to reaching an agreement on their bailout with any of its creditors, heightening the expectation that Greece could be forced out of the euro zone.

Today we have the Consumer Price Index – a measure of inflation – out at 10am as the main release for the day, following balance of payments released earlier on in the day.

Posted April 16th, 2015 by Charles Purdy

Despite protests the euro holds steady

It was a surprising day for the euro as it initially pared losses against the other major currencies after European Central Bank President Mario Draghi said it expects to fully implement all of its quantitative easing program. During the conference Mario Draghi was then attacked by a protester shouting ‘end the ECB dictatorship’, a telling sign for how many countries feel about the central bank. The ECB also maintained its benchmark interest rate at 0.05% beforehand, in line with market expectations. Since Draghi finished speaking, the euro did works its way back to its previous position before the conference.
Yesterday was the main day for the single currency and now the only other major piece of data will be Consumer Price Index and balance of payments on Friday morning.

Posted March 27th, 2015 by Charles Purdy

The Euro has an okay week

On Thursday, the Euro fell against a basket of currencies. European Central Bank (ECB) President Mario Draghi said the effect of the bond buying programme has been ‘significant’, and stated that the fall in long term interest rates have weakened the currency.

However, over the course of the week it has been positive for the euro as it strengthened universally. We seem to be a step closer to the Greek debt problem being sorted out (for the time being) and economic data out of the Eurozone has been positive and in some cases very positive. The important point to remember though is the ECB still wants the euro to be weak to boost export competiveness and when they want something they tend to get it.

Posted March 19th, 2015 by Charles Purdy

The Euro continues to benefit from its “time in the sun”

The euro held steady against the dollar on Wednesday but gained strength against sterling although this was largely down to the Monetary Policy Committee minutes from the Bank of England (BoE), rather than from events within the Eurozone. The single currency remained solid throughout the day ahead of a US Federal Reserve monetary policy statement which was generally expected to provide a further view into the timing of an interest rate increase. The euro weakened across the board after the European Central Bank (ECB)started asset purchases under its quantitative easing program earlier this month but has slowly started to re-gain some of the lost ground.

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.

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 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%.

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