The Euro began the week trading against the British Pound in the region of 0.8622
Today the Euro is trading against the British Pound in the region of 0.8630
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 12/07/13
Last week Euro movement was largely inspired by political concerns in Portugal and bailout worries in Greece.
But with the Portuguese government reaching an accord, and with Greece’s lenders approving the next instalment of the nation’s aid package, things started to look up in the first half of the week.
UK concerns helped the Euro achieve a four-month high against the Pound, although the common currency continued to trade below 1.29 against the US Dollar.
However, the US Federal Reserve shocked markets and economists by intimating that the ‘accommodative’ easing measures would stay in place in the US until employment and inflation conditions improved.
With everyone braced for some hint about when the Fed would start reining in its stimulus the unexpected twist threw the markets into turmoil.
The US Dollar fell against most of its currency rivals, and the Euro was able to surge to a three-week high against its American counterpart.
As the week came to a close the Euro was holding fairly steady against its currency peers.
The common currency was little affected by data showing that industrial production in the Eurozone declined in May (by 0.3 per cent from April, as forecast) or news that Ireland’s credit outlook was upgraded to positive from stable by Standard and Poor’s.
Further Fed-related developments during the North American session could cause Euro movement as we head into the weekend.
What to look out for next week:
In the week ahead the most influential pieces of economic news from the Eurozone include Tuesday’s inflation and trade balance figures for the Eurozone investor, Germany’s ZEW economic sentiment and current situation surveys, Thursday’s Eurozone current-account report and Friday’s trade balance data for Spain.
News from the US will also continue to be a big cause of Euro movement.
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Current Euro Exchange rates:
The Euro is trading against the Pound in the region of 0.8630
The Euro is trading against the US Dollar in the region of 1.3045
The Euro is trading against the Australian Dollar in the region of 1.4307
The Pound is trading against the Euro in the region of 1.1590
The US Dollar is trading against the Euro in the region of 0.7667
The Australian Dollar is trading against the Euro in the region of 0.6988
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 GMT on the 12/07/13