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Posted April 21st, 2015 by Charles Purdy

Euro has a steady start to the week

There was a fairly muted performance from the euro on Monday, but generally the currency weakened thanks to a continued lack of agreement on the economic reforms for bailout funds between Greece and its creditors. It certainly looks as though Greece is no closer to reaching an agreement with the rest of the eurozone and the International Monetary Fund (IMF) over reforms of the bailout funds, which creates a real fear that Greece could be forced out of the euro zone.

Producer Price Index data from Germany was released on Monday morning, coming out marginally worse at 0.1% – but the impact of this was very limited. Today there is more important data from Germany with the release of Germany’s ZEW business confidence data. An improvement to 55.5, compared to 54.8, is forecast as the German economy continues to be one of the key beneficiaries of a weak euro, reduced energy costs and the Eurozone quantitative easing programme.

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 7th, 2015 by Charles Purdy

Euro still “controlled” by the Greek debt problem

Greece and its debt problems continue to be the centre of attention. On the whole the rhetoric is positive but until all is agreed it is very difficult to predict the actual outcome. Otherwise the euro enjoyed a steady week last week with no major movements.

Today we have the release of the March Eurozone Purchasing Managers Index for the Service Sector which is expected to hold steady. Similar to the UK we then have a raft of data covering output for industry and manufacturing for the Eurozone released towards the end of the week. If the Greek debt problem doesn’t blow we could see some confidence return to the Eurozone economy and possibly the euro.

Posted April 1st, 2015 by Charles Purdy

Euro under pressure as Greek debt talks drag on

Although inflation data for the Eurozone was better than expected, deflation is still in play as the figure came in as expected at -0.1%. This, coupled with Greek Prime Minister Alexis Tspiras’s declaration that Greece’s debts need to be restructured, has seen the euro have its worst day for nearly a month against sterling, and falling further against the Dollar. The one ray of sunshine was that unemployment in the Eurozone has fallen to its lowest level since May 2012.

For the rest of the week there should be very little important data out for the Euro, barring manufacturing data released Wednesday.

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 13th, 2015 by Charles Purdy

Eurozone troubles still centre on Greece

 The euro on Thursday remained under pressure. Over the course of the week it has held its own against sterling, although it did hit a seven year low at one point, and it has gained ground against the US dollar but is still close to eleven year lows.

Yesterday the German Consumer Price Index came out exactly as forecast, and year-on-year industrial production was worse than expected, at a negative 0.2%.

Greece is seemingly no closer to reaching a debt deal with its creditors as Wednesdays meeting of Eurozone Finance Ministers passed without progress.  On Monday we have the next meeting in what is a painfully tense process which could result in the breakup of the euro zone.

Posted January 30th, 2015 by Charles Purdy

Euro, to the surprise of many, holds its own

It has been surprisingly a quiet week for the multi-nation currency, with limited data out this week. Monday saw the start of the ECOFIN meetings, which is a meeting involving the Finance Ministers of the Eurozone. Topics were mainly focused on the Greek election result and Russian sanctions. Greek election results were also released Monday which showed the newly elected Syriza party take power, by forming a coalition with the Greek Independents, another anti-austerity party.

The opening of the Greek elections had resulted in slight weakness for the euro. However, this quickly turned to strength as the newly elected Syriza party confirmed their wish to stay in the euro and Eurozone.

Posted January 27th, 2015 by Charles Purdy

The Euro has a “day in the sun”

The euro hit fresh lows on Sunday night as the results of the Greek election became known. Throughout Monday though the euro strengthened as the Greeks reiterated their desire to stay in the Eurozone and it also received a boost from Germany’s IFO business survey, which was positive as expected, moving up to 106.7, up from last month’s figure of 105.5.

However, a positive winning streak for the single currency looks limited with the big news last week around quantitative easing from the European Central Bank (ECB). Further downside risk also seems likely with Greece’s political uncertainty and whether Athens will remain committed to the re-negotiation of the bailout.

Posted January 19th, 2015 by Charles Purdy

Euro under pressure

The euro and the Eurozone are under pressure. Last week turned out to be one of the worst weeks in years for the euro, particularly against the US dollar as it hit 11-year lows and against sterling as it 7-year lows. And this week is likely to increase the uncertainty and pressure given the various key events and releases that are happening.

The situation worsened with downbeat Eurozone inflation data, causing further expectations that the European Central Bank (ECB) will announce additional stimulus measures in its upcoming policy statement on Thursday. It would seem now that the ECB is left with no choice but to implement quantitative easing on a large scale with the central bank expected to pump €500 billion to €1 trillion into the Eurozone economy.

Posted January 2nd, 2015 by Charles Purdy

The euro has a disappointing end to 2014

The euro finished off 2014 in largely disappointing fashion, seeing losses against a number of its major partners. The multi-nation currency dropped to the worst level in three months against sterling, nearing the two and a half year lows seen at the start of October.

The euro also continued its fall against the US dollar, extended to a further low, the lowest since July 2012. These movements continued to centre around political and economic uncertainty in Greece, with their snap elections due on 25th January causing the euro to weaken.

After yesterday’s New Year close, markets will reopen today with data releases from both Spain and Italy.

Posted December 30th, 2014 by Charles Purdy

Greek developments weaken the euro

Political developments in Greece look set to undermine the euro and the Eurozone as the Greek Prime Minister Antonis Samaras said on live TV in Athens that it is likely that parliamentary elections will be held on January 25, a year and a half before his coalition’s term was due to end. The likelihood of the Greeks electing an anti-austerity party seem high which will put the country into direct conflict with the European Central Bank (ECB) and the International Monetary Fund. Uncertainty should be bad for the euro but the markets may take a different view as the Greek position needs clarity and a final solution rather than the current situation which is viewed as being untenable.

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