The Euro began the week trading against the British Pound in the region of 0.8433
Today the Euro is trading against the British Pound in the region of 0.8489
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 05/04/13
In comparison with the whirlwind of movement which rocked the Euro as the Cyprus crisis peaked and ebbed, this week fluctuations have been rather sedate.
That being said, several pieces of disappointing data for the Eurozone have lowered the economic outlook of the 17-nation currency bloc and caused the Euro to lose ground this week.
The Euro began the week trading at a five-week low against the Japanese Yen after Manufacturing PMI for the Eurozone slid from 16.8 to 47.9, hinting at a deepening of the region’s economic downturn.
Then, after unemployment in the Eurozone was shown to have reached a record high of 12 per cent, the currency dipped further against the majority of its main counterparts.
Towards the middle of the week the Euro’s movement was limited as investors awaited the outcome of the European Central Bank’s policy meeting, although the common currency was able to rebound against the Yen after the Bank of Japan’s decision to expand stimulus caused the Asian currency to plummet. The Euro also benefited from the news that the International Monetary Fund intends to offer struggling Cyprus aid of as much as 1 billion Euros.
On Thursday the Euro dipped against the US Dollar as the ECB hinted that an interest rate cut is rising up the central bank’s agenda in light of recent economic concerns. For now, the ECB is holding rates and refraining from making any alterations to current policy.
As the week came to a close, a final piece of negative Eurozone data initiated additional Euro declines.
Retail sales in the currency bloc fell by 0.3 per cent in February, with a 2.2 per cent retail sales slump in France being a significant contributing factor. After the sales report was released the Euro posted a modest loss 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 Monday’s Eurozone Investor Confidence figures, Tuesday’s German Trade Balance data, Thursday’s German CPI and Friday’s Industrial Production figures for the Eurozone.
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!
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Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8489
The Euro is trading against the US Dollar in the region of 1.2931
The Euro is trading against the Australian Dollar in the region of 1.2415
The Pound is trading against the Euro in the region of 1.1779
The US Dollar is trading against the Euro in the region of 0.7733
The Australian Dollar is trading against the Euro in the region of 0.8068
These exchange rates are provided by TorFX, a leading provider of foreign exchange. TorFX offers the best possible exchange rates for all your currency needs.
These exchange rates were correct as of 12.00 pm GMT on the 05/04/13