Here we take a brief look at what's been happening with the Euro this week, and what could cause the Euro exchange rate to rise or fall in the week ahead.
Round-up for week ending 15/03/13
The Euro began the week trading against the British Pound in the region of 0.8707
As the week began the Euro was knocked by the news that top ratings agency Fitch had lowered the Italian sovereign credit rating from A- to BBB+, largely as a result of the nation’s political concerns and lacklustre economic growth.
Then, although data showed that German exports rose by more-than-forecast, it was offset by a report showing a steep decline in the Eurozone’s industrial production and by mid-week the Euro broadly weakened, notably sliding against the British Pound and US Dollar.
On Thursday the common currency fell to its lowest level against the US Dollar for this year after a Eurostat report revealed that employment in the Eurozone slumped to the lowest level for almost 7 years.
However, the Euro was able to rebound following developments in Brussels. During a two-day meeting of EU leaders it was decided that budget restrictions should be loosened in order to spur growth.
As the week came to a close the Eurozone continued to gain after the inflation rate in the currency bloc fell for a second consecutive month. The slowing in annual consumer price growth to 1.8 per cent from January’s 2 per cent was in line with economists’ expectations and led to an on the day gain of 0.4 per cent for the Euro against the US Dollar.
What to look out for next week:
In the week ahead the most influential pieces of economic news for the Euro include Tuesday’s German ZEW economic sentiment survey, Wednesday’s German producer price data, Thursday’s Eurozone PMI and Friday’s German IFO business climate figures.
If you have any questions regarding the Euro, or currency in general, please leave me a comment and I’ll get back to you as soon as I can!
Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8620
The Euro is trading against the US Dollar in the region of 1.3063
The Euro is trading against the Australian Dollar in the region of 1.2604
The Euro is trading against the New Zealand Dollar in the region of 1.5887
The Euro is trading against the Canadian Dollar in the region of 1.3284
The Pound is trading against the Euro in the region of 1.1606
The US Dollar is trading against the Euro in the region of 0.7664
The Australian Dollar is trading against the Euro in the region of 0.7934
The New Zealand Dollar is trading against the Euro in the region of 0.6317
The Canadian Dollar is trading against the Euro in the region of 0.7500
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These exchange rates were correct as of 11.41 am GMT on the 15/03/13