The Euro, which dropped against the US Dollar last week as Eurozone growth data exacerbated the currency bloc’s pessimistic outlook and US consumer sentiment headed for an almost 6-year high, continues to trade in the region of a two-month low.
The Euro Exchange Rate was in the region of 1.2867 against the US Dollar as of 11:15 am GMT
Although Japan added to signs that the global economy is recovering by upgrading its nation’s economic outlook, higher-risk currencies like the Euro continue to trade lower on speculation that the Federal Reserve may begin to reduce its current rate of asset purchases.
According to Japan’s Cabinet Office: ‘Exports show signs of picking up. Industrial production is picking up slowly. Corporate profits show movements of improvement, mainly among large firms’ – all good news for the world’s third largest economy.
Additionally, the Euro slipped against the Japanese Yen after the Asian currency broadly strengthened in response to concerns that its gains had been corrected ‘a lot’.
The Euro was little changed against its main peers following the publication of Italian industrial production data. Although the report revealed a 10 per cent year-on-year- drop in the nation’s industrial orders, they were actually up 1.6 per cent on a month-on-month basis. However, new orders were down a whopping 13.2 per cent in March while overseas orders declined by 6.1 per cent.
One industry expert dubbed the results ‘dire’.
This less-than-impressive result was followed by another. Year-on-year Greece recorded a 12.7 per cent drop in new orders, with turnover across Greek industrial firms slumping by 11.5 per cent.
In the days ahead Economic news which is likely to cause significant Euro movement includes German and Eurozone manufacturing/services PMI, Eurozone consumer confidence and German consumer confidence.
News from the US, particularly Fed Chairman Ben Bernanke’s statement regarding US monetary/economic policy, will also have an impact.
Current Euro (EUR) Exchange Rates
< Lower > Higher – Little Changed
The Euro/US Dollar Exchange Rate is currently in the region of: 1.2867 –
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8470 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3154 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.5810 <
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7772 <
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1807 <
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7602 >
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6323 >
(Correct as of 11:15 GMT)
Comments are closed.