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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. We don’t expect any bold positions to be taken ahead of President of the European Central Bank (ECB), Mario Draghi’s speech, which may outline any plans to move ahead with stimulus measures more categorically. As always, there is always room for surprises, which could potentially affect euro movement.

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 10th, 2014 by Charles Purdy

This week’s Eurozone data unlikely to support the euro

After a busy week, Friday was a relatively quiet day for the euro on Friday with no significant data releases bar a couple of monthly figures out of France, which came mainly in line with forecast. Despite this, we saw the single currency log understated gains throughout the day against sterling and the US dollar, suggesting it had been oversold on Thursday following comments by the President of the European Central Bank (ECB), Mario Draghi.

The week ahead looks to be a quieter one than last, with few releases particularly over the next couple of days. On Wednesday we have industrial production data for the Eurozone, and on Friday we have a raft of growth figures from the member states.

Posted November 7th, 2014 by Charles Purdy

Euro undermined by ECB President rhetoric

It’s been an interesting week for the euro – one of the most volatile we have seen for a while, with a number of different factors pulling the currency one way and then the other over the last four days.

After an aggressively negative trend over the last few months, the euro actually took an uptick at the start of the week. There has been a lot of speculation regarding when and by how much the European Central Bank (ECB) will increase monetary stimulus, a decision that would weigh heavy on the euro. On Tuesday afternoon, rumours were dampened, by word from Reuters that central bankers were unhappy with ECB President Mario Draghi’s leadership style, with particular reference to how he has kept aides in the dark regarding policy decisions.

Posted November 4th, 2014 by Charles Purdy

Eurozone data still in the doldrums

A relatively uneventful day for the euro yesterday saw it hold flat or drift slightly lower against its two most-traded peers – the British pound and the US dollar. A raft of Purchasing Managers Index (PMI) figures from the services sector came in largely in line with forecasts. The Italian release was the only real disappointment, with the figures illustrating that the industry had shrunk month-on-month.

Looking forward to today, we have Spanish employment change data coming out this morning. Although the figures are viewed as a somewhat lagging indicator, they are a good signal of overall economic conditions, with the labour market being closely linked with consumer spending.

Posted October 30th, 2014 by Charles Purdy

How will today’s and tomorrow’s Eurozone data effect the euro?

Yesterday was another unremarkable day for the euro until the US Federal Reserve meeting announcement late last night which caused the euro to fall very quickly against the US dollar, as the spectre of rising US interest rates increased.

Today promises to have more local influences with European data coming thick and fast over the next 48 hours. Out of Germany today we have inflation and unemployment data, and out of Spain we have inflation and growth data. There is a lot of uncertainty towards the releases; forecasts are wide-ranging as recent releases have been very inconsistent. As a result, we could see some significant movements in euro markest today, with the possibility of some unexpected releases.

Posted October 15th, 2014 by Charles Purdy

Euro slightly less ugly than sterling

The euro lost out against the majority of its peers yesterday, bar a very weak sterling, with a combination of factors weighing on the 18-nation currency. Industrial production figures for the region showed a contraction, coming in at -1.8% which was below forecast and almost 3% down on the previous month’s release.

This was followed by German economic sentiment data, which, following a run of worrying data from the Eurozone’s talismanic economy, was not expected to come in anywhere near last month’s result of 6.9 (anything above 0.0 illustrates positive sentiment). However, few had forecast it to come in as low as it did (a worrying -3.6) and as a result, further pressure was put on the euro.

Posted October 13th, 2014 by Charles Purdy

When will the ECB act effectively?

A relatively uneventful week for the euro was concluded in a similar vein on Friday, with the single currency holding relatively flat against its two main peers, sterling and the US dollar. Following on from Thursday’s European Central Bank (ECB) statement, President Mario Draghi was quoted on Friday saying that the ECB remains ‘unanimous in its commitment to using additional and unconventional tools in its mandate’ in an attempt to stimulate some growth into the region and also avoid deflation.

Looking forward to this week, it’s set to be a busy week on data releases. Tomorrow we have industrial production and economic sentiment figures from the region, and on Friday we have the bloc’s monthly inflation level, which will be closely scrutinised.

Posted October 8th, 2014 by Charles Purdy

Euro “survives” poor German data

More worrying data from Germany yesterday weighed on the single currency yesterday, with industrial production figures being released in the morning. The figures have not historically carried much sway on the value of the euro, but coming in a significant 5.6% down on the previous month, and off the back of Monday’s poor German data, they were enough for the euro to have a wholly uninspiring morning session. Despite the euro recovering against its main peers, the British pound and the US dollar, the figures further underscored the risk of an economic slowdown.

It puts further pressure on the European Central Bank to widen economic stimulus measures.

Posted October 6th, 2014 by Charles Purdy

Eurozone data needs to improve if the Euro is the strengthen

After taking some strength on Thursday in response to comments made by European Central Bank (ECB) President Mario Draghi, Friday saw the euro eradicate the majority of its gains. The faltering European economy once again undermined the single currency as services industry figures for the Eurozone came in below forecast, dropping to a 10-month low, with many areas showing quarterly industry contraction. Most worrying were France and Italy, the bloc’s second and third largest economies, which both showed a significant shrinkage.

Today and tomorrow we have German industrial data released which will be very carefully scrutinized in an attempt to gauge the true extent of economic problems in this all powerful state.

Posted October 2nd, 2014 by Charles Purdy

Key ECB meeting today, how will it affect the euro?

Manufacturing industry figures from across the Eurozone released yesterday morning further highlighted the problems that the region faces. Most worrying were the figures out of Germany – the bloc’s flagship economy – which released a figure of 49.9 (anything below 50 represents an industry contraction). The overall figure for the bloc came in at 50.3, marginally outperforming the figures from the German economy.

The data bolstered the case for the European Central Bank (ECB) to turn to stimulus measures in order to inject some life into the region’s economy; as such, eyes will be on the ECB conference this afternoon. Many are calling for more aggressive bond-buying techniques from the ECB, such as those adopted by the US Federal Reserve and other central banks over the last 24 months.

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