The Euro began the week trading against the British Pound in the region of 0.8422
Today the Euro is trading against the British Pound in the region of 0.8450
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 10/05/13
After Mario Draghi, President of the European Central Bank, intimated that an additional rate cut could occur if economic weakness in the Eurozone persists the Euro declined against the majority of its biggest currency rivals, including the US Dollar and British Pound.
However, stronger than expected factory orders data for Germany allowed the Euro to bounce back and the common currency continued to gain as German Industrial Production figures also pleasantly surprised, improving the outlook of the Eurozone’s largest economy.
However, by Friday the Euro had dipped slightly against the Pound and fallen against the US Dollar.
The Euro’s declines were largely the result of the ECB warning of a deepening recession in its meeting minutes and developments in the US.
Better-than-expected US jobless claims figures and investment data from Japan resulted in the US Dollar broadly strengthening and rivals like the Euro weakening.
Additional market movement could occur in response to the Group of 7 Finance Ministers and central bank chiefs meeting over the weekend to discuss monetary policy.
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 Consumer Price Index/ZEW economic surveys and Industrial Production figures for the Eurozone, Wednesday’s German and Italian GDP figures and Thursday’s Eurozone Consumer Price Index. Economic data from the US could also inspire Euro 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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Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8450
The Euro is trading against the US Dollar in the region of 1.2998
The Euro is trading against the Australian Dollar in the region of 1.2802
The Pound is trading against the Euro in the region of 1.1837
The US Dollar is trading against the Euro in the region of 0.7691
The Australian Dollar is trading against the Euro in the region of 0.7713
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 11.00 am GMT on the 10/05/13