The Euro began the week trading against the British Pound in the region of 0.8489
Today the Euro is trading against the British Pound in the region of 0.8498
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 12/04/13
The Euro ended last week stronger then it began, gaining on a broadly softening US Dollar after employment figures for the world’s largest economy failed to live up to expectations.
Although the EUR/USD pairing dropped a little over the weekend it soared to a 3 ½ year high after Ben Bernanke (Chairman of the Federal Reserve) stated that the US economic recovery wasn’t progressing as he would like. The Euro also experienced movement after data showed that although Germany’s trade surplus expanded in January the nation’s exports declined in February.
By mid week the Euro had advanced on the US Dollar for a fifth day and hit a three-year high against the Japanese Yen.
On Thursday, Italian and Spanish bond sales pushed the Euro to a six-week high against the US Dollar. However, as the week came to close the Euro dipped against both the US Dollar and British Pound.
Although a report showed that industrial production in the Eurozone gained by more than expected on Friday, a potentially influential two-day meeting of EU finance ministers in Dublin turned investors away from the Euro. At the gathering ministers will discuss the situation in Slovenia, the Cypriot bailout and the Germany’s concerns regarding Eurozone banking reforms.
What to look out for next week:
In the week ahead the most influential pieces of economic news for the Euro include, Tuesday’s Eurozone CPI and German economic sentiment survey and Thursday’s German producer Price index. The outcome of the two-day meeting of EU finance ministers is also likely to trigger movement.
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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