An absence of pertinent economic data for the Eurozone has limited the common currency’s movement today, but some interesting tit-bits of information have made their way out of the currency bloc.
The Euro to Pound Sterling Exchange Rate is currently trading in the region of 0.8632 as of 14:35 GMT
According to official sources, two executive board members for the European Central Bank are pushing for the financial institution to emulate its peers and publish the minutes from its policy meetings.
The minutes would show which ECB members backed which measures, giving the public a better idea of the popularity of certain steps and the reasons behind decision making. During a joint interview, ECB board members Benoit Coeure and Joerg Asmussen stated: ‘Transparency is important for the effectiveness of monetary policy’.
The Euro to Pound (EUR/GBP) exchange rate hit a high of 0.8664 pence per Euro
Publishing policy meeting minutes could also help to limit market reaction to the sometimes provocative statements issued after rate decisions.
As senior economist Richard Barwell asserts: ‘The ECB has been frustrated for a while with constant market speculation on what the next steps could be. Markets constantly overreact and don’t fully understand what they actually want to do. Publishing minutes would be about educating the market.’
In other Eurozone news, German Finance Minister Wolfgang Schaeuble has reinforced the necessity of lenders continuing to pile the pressure on struggling Greece. While the nation’s next bailout instalment has been approved, Schaeuble has argued that lenders must closely monitor Greece’s adherence to its austerity pledges. Although some could interpret this stance as clever political manoeuvring, given that the German election is coming up, Schaeuble commented: ‘The pressure remains, so this has nothing to do with the election schedule. They’re far from being over the mountain.’
The Euro was little changed against the US Dollar ahead of the publication of US housing data.
Eurozone data to watch out for this week includes tomorrow’s German consumer confidence survey, Spanish GDP report, Eurozone consumer confidence index and German CPI figures, Wednesday’s German/Eurozone unemployment data and Eurozone CPI and Thursday’s Eurozone manufacturing PMI and European Central Bank rate decision.
While movement in the EUR/USD pairing is likely to be driven by news from the US (specifically the FOMC policy meeting) EUR/GBP fluctuations could occur in reaction to UK news, including Thursday’s Bank of England rate decision.
Current Euro (EUR) Exchange Rates
< Lower > Higher
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3255 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8632 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4360 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6454 >
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7541 >
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1586 >
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6965 <
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6084 <
(Correct as of 14:35 GMT)
Comments are closed.