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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.

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 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 January 9th, 2015 by Charles Purdy

The euro’s freefall continues…..

Deflation has returned to the Eurozone as energy costs fell, increasing the likelihood of a programme of quantitative easing being introduced by the end of the month. Even the European retail sales figures being ahead of forecast were not enough to halt the euro’s freefall against the US dollar. The figures, coming in at 0.6% against a 0.3% prediction, were released yesterday morning, but a strong US dollar saw the euro drop below 1.18 for the first time in nine and a half years. Comments made by the European Central Bank (ECB) President also undermined the euro, with Mario Draghi stating that stimulus measures may include sovereign-bond purchases.

Posted May 30th, 2014 by Charles Purdy

All eyes on next week’s ECB meeting

After both the European elections and European Central Bank (ECB) President Mario Draghi’s addresses early in the week failed to have much of an impact on euro rates, it has proved to be a relatively quiet week for the single currency. Gains made against sterling were consistent yet unspectacular, while the euro weakened slightly against a resurgent US dollar. No interesting leaks were reported this week in the run up to the next ECB meeting on 5th June and investor activity seemed limited. Whilst there were a number of data releases during the week, they offered little in the way of impetus for rate movements.

Posted May 19th, 2014 by Charles Purdy

Eurozone awaits the next steps from the ECB

The euro continued to slouch towards the end of last week, despite seeing some rebounding earlier in the week. Some commentators attributed the single currency’s weakness on Friday to the selling of bonds issued by the members of the eighteen-nation bloc. Large-scale selling of bonds is usually reflective of a lack of faith in the economic state of an area, hence the weakening of the euro. However, it should be noted that rate movements were more limited than earlier in the week.

We are likely to see continued movement whilst key players continue to speculate on European Central Bank (ECB) President Mario Draghi’s next move.

Posted April 4th, 2014 by Charles Purdy

Euro weakens as ECB ponders quantitative easing

The euro had a mixed start to the week as data releases from the Eurozone were varied. On Monday, positive growth figures from the German Retail Sector buoyed the performance of the single currency and caused it to strengthen against both sterling and the US dollar. Improvements in rates were tempered, however, by the flash inflation estimate from the Eurozone, which put inflation in the eighteen-nation bloc at 0.5% – this was 0.1% lower than expected.

The single currency fared moderately well in the lead up to the most highly anticipated event of the week, which came yesterday in the form of the European Central Bank (ECB) press conference.

Posted March 26th, 2014 by Charles Purdy

Poor German Business Climate data worries the Eurozone

The common currency had a busy day yesterday. Initially punished by poor German Business Climate data, the worst since October of last year, the euro weakened against other major currencies, its fate hung in the balance as investors anticipated the afternoon’s speech by European Central Bank (ECB) President Mario Draghi. The ECB has provided additional forward guidance in its recent communication. It has been made clear that it wants a slightly weaker currency to stimulate growth within the Eurozone. However, Draghi’s words yesterday were seen as too weak by markets. Although he once again hinted at the possibility of negative short-term interest rates, it is a familiar promise, and investors did not appear to place too much stock in it.

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