Euro (EUR) Exchange Rate Now
The Euro was holding its own against the Pound (EUR/GBP) and US Dollar (EUR/USD) as the week began. The common currency took advantage of weakness in its British and US counterparts and was able to advance by 0.3% and 0.4% respectively in spite of less-than-encouraging domestic data.
However, the Euro to Australian Dollar (EUR/AUD) exchange rate was trending lower as the ‘Aussie’ advanced across the board in response to China’s better-than-forecast trade figures.
At the close of last week the Euro benefited from a lack of influential domestic data and eked out modest gains even as fears regarding slowing economic growth in Germany grew.
After the International Monetary Fund (IMF) stressed that there are real headwinds facing the global economy and highlighted the fact that another financial crisis could be on the cards, higher-risk currencies tumbled and the Euro was able to advance.
On Monday the Euro managed to extend gains against the US Dollar as bets that the Federal Reserve might delay hiking interest rates until the global outlook brightens caused ‘Greenback’ depreciation.
As well as sliding against the Euro, the US Dollar lost ground against the Yen and Pound.
According to strategist Imre Speizer; ‘The Dollar has had a very impressive run upward. It needs to pull back and consolidate and this risk-averse phase should provide an opportunity for that.’
The EUR/USD pairing hit a low of 1.2618
The Euro to Pound exchange rate, meanwhile, held gains even as the UK’s Lloyds Employment Confidence index showed improvement in September.
The measure of job sentiment rallied from 6 to 10 last month.
The EUR/GBP exchange rate was little changed following the publication of Germany’s Wholesale Price Index for September. The index registered a 0.1% month-on-month increase following the previous month’s 0.2% decline.
On the year, wholesale prices were down -0.9%.
The Euro to Australian Dollar exchange rate softened during the Australasian session after China’s trade data showed stronger-than-forecast import growth.
While the level of imports had been expected to decline by -2.0% on a year-on-year basis in September, they actually jumped by 7%. Exports surprised similarly, climbing 15.3% instead of the 12.0% forecast.
As China is Australia’s largest trading partner, the report supported both the Australian and New Zealand Dollars.
EUR to GBP, USD, AUD Exchange Rate Forecast
With two high-profile European policymakers (including ECB Executive Board Member Peter Praet and the Bundesbank’s Jens Weidmann) due to speak later today, the Euro could experience volatility.
If the officials comment on the likelihood of quantitative easing measures being deployed in the Eurozone, the Euro could come under pressure in the hours ahead.
Chicago Federal Reserve Bank President Charles Evens is also due to speak today, and his comments regarding the global economy and the Fed’s rate outlook will have an impact on the EUR/USD exchange rate.
Tomorrow the UK’s Consumer Price Index could trigger considerable Euro to Pound exchange rate movement, but investors with an interest in the Euro will also be focusing on Germany’s ZEW economic sentiment surveys.
Given the recent run of concerning economic reports to emerge from Germany (including last week’s less-than-spectacular Factory Orders, Industrial Production and trade figures) another dud result would further exacerbate concerns that the Eurozone’s largest economy is heading for recession.
The National Australia Bank’s Business Confidence report could also have an impact on the EUR/AUD exchange rate.
The Euro to Pound Sterling (EUR/GBP) exchange rate is currently trending in the region of 0.7872
The Pound Sterling to Euro (GBP/EUR) exchange rate is currently trending in the region of 1.2684
Euro Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Euro,
,Pound Sterling,0.7872,
Euro,,US Dollar,1.2691,
Euro,,Canadian Dollar,1.4209,
Euro,,Australian Dollar,1.4478,
Euro,,New Zealand Dollar,1.6102,
US Dollar,,Euro ,0.7881,
Pound Sterling,,Euro,1.2688,
Canadian Dollar,,Euro,0.7035,
Australian Dollar,,Euro,0.6904,
New Zealand Dollar,,Euro,0.6199,
[/table]
