The Euro began the week trading against the British Pound in the region of 0.8512
Today the Euro is trading against the British Pound in the region of 0.8518
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 14/06/13
The Euro began the week boosted, trading higher against peers including the US Dollar and Pound as a result of last week’s optimistic statement from the European Central Bank regarding economic growth in the Eurozone.
Although Friday’s US non-farm payrolls report saw the common currency dip briefly, it enjoyed a rebound on Monday as French President Francois Hollande announced that, in his opinion at least, the Eurozone crisis is now over.
Hollande’s assertion kept the Euro buoyed in spite of reports showing that investor confidence in the Eurozone had declined by more than expected while Italian unemployment had hit a 36 year high.
The Euro was little changed on Tuesday as the German constitutional court began its discussions concerning the legality of the ECB’s Outright Monetary Transactions bond-buying scheme.
However, by mid-week the Euro was trading at a 3 ½ month high against the US Dollar. The currency was little affected by the news that Greece had been downgraded to emerging market status as investors focused more on the news that industrial output in the Eurozone unexpectedly increased.
Positive UK employment and housing data however left the Euro trading in the region of 84.77 against the Pound.
As the week drew to an end, the Euro had rebounded to 0.8520 against the Pound but hit a low of 1.3312 against the US Dollar as employment in the Eurozone was shown to have fallen by more than expected in the first quarter of the year.
The Euro may go on to experience additional movement during the North American session, and could slide further against the US Dollar if US industrial/manufacturing data beats expectations.
What to look out for next week:
In the week ahead the most influential pieces of economic news for the Euro include Monday’s balance of trade figures for the Eurozone and Thursday’s manufacturing PMI/consumer confidence reports. The policy decisions and economic projections of the Federal Reserve Open Market Committee, which convenes on Wednesday, are also likely to be a major cause of volatility.
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 0.8517
The Euro is trading against the US Dollar in the region of 1.3320
The Euro is trading against the Australian Dollar in the region of 1.3939
The Pound is trading against the Euro in the region of 1.1747
The US Dollar is trading against the Euro in the region of 0.7508
The Australian Dollar is trading against the Euro in the region of 0.7211
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 12.35 am GMT on the 14/06/13