Indian Rupee
Chinese Yuan
Aus. Dollar
US Dollar
British Pound

Archive | Euro Exchange Rates News

Euro Gains In Early Session After Sharp Friday Decline

The Euro gained a bit of ground on the US dollar in early trading, after a hefty fall on Friday when encouraging US data was released, with better than expected figures on retail sales and consumer sentiment in the US.

The Euro stood at 1.1317 dollars at 9AM, versus 1.1309 dollars on Friday close.

The Euro also gained some ground against the Japanese Yen to 123.22 yen versus 122.85 on Friday.

The US Dollar hit a 2 week high on Friday after the economic data hit the markets. This resulted in a strong decline in the majors of EURUSD and GBPUSD.

These statistics have again fueled speculation about a new rate hike by the US Federal Reserve (Fed), although the outlook remains uncertain on whether that will actually happen in June. Markets remain cautious and not take into account the low probability of a rise in June.

In December, the Fed raised its interest rate for the first time in nearly 10 years, which in turn made the dollar more profitable and therefore more attractive to investors, but since then, the US economy has shown signs of unease.

On Friday Goldman Sachs published similar reports as Deutsche Bank in revising their 12-month euro/dollar forecasts. The respected broker has now forecast the euro would be trading at $1.05 in a years time, up from a prior forecast of 95 cents.

Posted in Euro Exchange Rates NewsComments (0)

GBP Trades In Narrow Range As Focus On Euro and Greece Exit Plan

The Pound was trending in a fairly narrow range against both the Euro and US Dollar after advancing slightly ahead of the release of the UK’s second quarter growth data. Should the GDP report show a rate of quarterly expansion of 0.7% or higher we can expect Sterling to enjoy a broad-based rally. However, if the UK economy is shown to have grown by less-than-forecast in the three months through June it would push back Bank of England (BoE) interest rate hike expectations and weigh on the British currency.


Yesterday reports of a Greek ‘exit plan’ had little impact on demand for the Euro. The scheme to prepare for a potential ‘Grexit’, put together by the nation’s former finance minister, included a blueprint for setting up a parallel banking system and returning to the Drachma. Although Syriza was criticised for plotting to leave the Eurozone, the odds of Greece exiting the currency bloc are now so slim that the Euro weathered the revelation with ease. A lack of ecostats for the Eurozone could limit Euro movement today.

US Dollar

Monday’s US Durable Goods Orders report may have printed above expected levels, but the US Dollar still softened against several of its most traded currency counterparts ahead of this week’s Federal Open Market Committee (FOMC) interest rate announcement. The ‘Greenback’ could recoup losses during the North American session if the day’s Markit Services PMI and Consumer Confidence index support the case in favour of higher borrowing costs.

Australian Dollar

With Chinese stocks plummeting by a mammoth -8.5% on Monday, the Australian Dollar weakened against a number of its rivals. The GBP/AUD currency pair was able to breach a new six-year high while the AUD/USD pairing remained below the 74 cents level. Given the dearth of economic reports scheduled for release from Australia, global economic developments and commodity price shifts are likely to remain the biggest causes of ‘Aussie’ movement.

New Zealand Dollar

News that Beijing intends to intervene in the Chinese stock market in order to prevent another dramatic collapse helped commodity currencies like the New Zealand Dollar recoup some of their recent losses on Tuesday. The ‘Kiwi’ gained on a number of its peers but could pare gains against the Pound if today’s UK growth data impresses.

Canadian Dollar

With Canadian data in short supply and the collapse in commodity prices showing little sign of reversing, the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was able to close out the local session trading in the region of a six-and-a-half year high. On Monday the price of crude oil slumped to a fresh three-month low, helping to drag an index of global commodities to a 13-year low.

South African Rand

At the beginning of the week the South African Rand slumped to a 14-year low against the US Dollar as emerging market currencies suffered as a result of the crash in the Chinese stock market. However, the Rand stabilised on Tuesday as investors looked ahead to tomorrow’s South African employment data, which is expected to show a decline in joblessness in the second quarter.

Posted in Euro Exchange Rates NewsComments (0)

Euro Hits a 5 Months High as FOREX-Dollar Takes another Nose Dive

Despite being hampered by Ireland/ Portugal, the euro continues to gains grounds while the US dollars took a further nose dive down the other end. Reports of exchange rates from all around the forex market shows that the dollar index is at 78.616, an eight-month low while the euro hits a 5-month high. Read the full story

Posted in Euro Exchange Rates NewsComments (0)