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Posted September 15th, 2014 by Charles Purdy

Euro holding steady as focus seems to be elsewhere

The euro held firm on Friday, bringing to a close what was relatively flat week for the single currency. Comments made by central bank governing member Luc Coene on Friday highlighted policy makers’ ambivalence towards the weakening euro, suggesting that, if anything, they welcomed it. A weaker currency would likely stimulate growth in the region and curb the drop in inflation, as the relative cost of exports decreases – thereby attracting foreign investment.

Looking forward to this week we have German economic sentiment data out tomorrow, and on Wednesday we will see yearly inflation figures for the European bloc.

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 September 8th, 2014 by Charles Purdy

Euro less “ugly” than sterling for the time being

Scottish Independence has turned the euro, in the eyes of the market, into the less ugly one of the two ugly sisters. Not a mean feat given that European Central Bank (ECB) President Mario Draghi has signalled for a minimum of 700 billion euros of aid for the stalling Eurozone economy, whilst promising to ‘significantly steer’ the ECB’s balance sheet nearer to levels in early 2012, to 2.7 trillion of euros, compared to the 2 trillion currently. On Friday the key data release was revised growth figures, which were in line with expectations and thus having little impact on the currency.

Posted September 3rd, 2014 by Charles Purdy

Euro slips back into negative inflation

The euro was undermined yesterday, dropping off against the majority of its peers again (bar a particularly weak sterling) after further worrying data releases. Following Monday’s manufacturing industry figures, yesterday’s inflation data showed that, if Germany and France are taken out of the equation, the Eurozone has slipped back into negative inflation levels. The euro’s only saving grace was a particularly weak sterling, which prevented a further euro sell-off that might have otherwise been the case.

Today we look to data from the services sector from countries across the euro bloc but, as alluded to in yesterday’s market update, traders will have one eye on Thursday’s interest rate decision and the press conference that follows.

Posted August 28th, 2014 by Charles Purdy

Euro awaits tomorrows inflation data

The euro gained some strength for the first time in four days, moving it away from four-year lows against the US dollar. A Reuters report released yesterday referenced anonymous European Central Bank (ECB) sources, stating that no stimulus measures will be implemented unless we see a serious risk of deflation. As mentioned in yesterday’s note, the ECB has cited inflation as the primary gauge for forthcoming monetary policy decisions. As such, eyes will still be firmly on tomorrow’s yearly flash estimate, forecasted to come in at 0.3%. Today’s German preliminary monthly inflation figures will also hold some sway, as will European business and consumer confidence data released this morning.

Posted August 27th, 2014 by Charles Purdy

Euro under pressure, key inflation data at the end of this week

We saw the euro drop off to fresh lows against the US dollar early yesterday morning, hitting its weakest level since this time last year. As the US dollar continues to gather momentum across the board, the euro, in turn, is increasingly undermined by European Central Bank (ECB) policy that is seemingly shifting further towards increased support measures.

We could see the euro somewhat range-bound this week as traders look towards Friday’s inflation data, with traders unwilling to make any significant bets before the release. Inflation has been singled out as the primary gauge for future monetary policy decisions, and the figures are forecast to come in at 0.3% year-on-year.

Posted August 20th, 2014 by Charles Purdy

Euro – up against sterling, down against the dollar

The lack of influences from within the Eurozone meant that movements in single currency rates occurred largely as a result of events elsewhere yesterday. The euro strengthened against sterling as a result of poor inflation data from the UK, while it weakened against the US dollar in response to stronger than expected Building Permits figures. The only data of any significance from the eighteen-nation bloc was current account data, which disappointed and illustrated a lower-than-expected flow of capital into the Eurozone.

Today’s line-up is not dissimilar from yesterday’s as once again we have high-impact events taking place in the UK and the USA – in the format of activity from the Monetary Policy Committee (MPC) and Federal Open Market Committee (FOMC) respectively – yet little of note from within the Eurozone.

Posted August 14th, 2014 by Charles Purdy

Euro benefits from bad news elsewhere

Yesterday was a mixed day for the single currency as events elsewhere dominated proceedings. Poor data from the UK and the US caused the euro to strengthen against both currencies, but while sharp gains against sterling were held throughout the day, ground made against the US dollar was quickly rescinded. Industrial production data from the Eurozone came out relatively poorly, illustrating contraction rather than the forecast moderate growth in the sector. However, the significance of this was greatly diminished by events elsewhere across the globe.

Today we may see events from within the Eurozone have a greater impact on rate movements as we expect, amongst other data, preliminary growth figures from Germany.

Posted August 12th, 2014 by Charles Purdy

The Euro has a quiet Monday

Yesterday was not a particularly eventful day for the single currency as we saw no data releases of note and only relatively gentle rate movements. We saw the single currency lose some ground against sterling and the US dollar.

The outlook for the Eurozone remains downbeat as relations with Russia remain frosty and even its largest economy seems to be faltering. German data has consistently had a strong bearing on euro performance given the nation’s importance in the pursuit of a sustainable recovery in the eighteen-nation bloc and today’s Economic Sentiment data could cause sharp rate movements in the short term.

Posted August 11th, 2014 by Charles Purdy

Euro surprisingly resilient

Friday was a positive day for the single currency as it bounced back after a tough week and made reasonable gains against a number of major currencies including sterling and the US dollar. The euro was helped by better-than-expected French Industrial Production data, which came in showing growth of 1.3% in the sector.

Looking ahead to this week, the first big release is set to be German ZEW Economic Sentiment data, which is due out on Tuesday. This is an index produced as a result of a survey of key analysts and investors in Europe’s largest economy and is forecast to come out at the lowest level seen since 2012.

Posted August 8th, 2014 by Charles Purdy

Eurozone data continues to disappoint

After a brief respite last week, the euro has this week resumed its decline against the US dollar. The single currency is now close to its lowest point in nine months against the US dollar. Economic releases have had less of an effect on euro performance over the last few days than geopolitics and the sentiment of the European Central Bank (ECB). The situation in Ukraine has remained unstable for an extended period of time and this week Russia has imposed counter-sanctions on EU food exports, which could be a major hindrance to trade given Russia’s importance as an EU export market.

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