EUR to USD Exchange Rate Holds Steady ahead of US Data
The Euro to US Dollar exchange rate has strengthened fractionally on Tuesday as trading halts ahead of several US domestic data releases due for publication later in the day.
If you're looking to make an international money transfer, we recommend TorFX.
The Euro to US Dollar exchange rate is currently trending in the region of 1.3198.
The single currency experienced mounting pressure on Monday after a combination of the hangover from European Central Bank’s President Mario Draghi’s soft Jackson Hole speech, and the string of negative results from German domestic data.
In the immediate aftermath of Draghi’s speech at the Jackson Hole symposium on Friday, the Euro plummeted versus nearly all of its major peers. Draghi intimated towards maintaining a weaker currency in order to boost the struggling European economy.
Monday’s German domestic data releases fell below expectations. German IFO Business Climate, Current Assessment and Expectations all failed to meet forecast figures.
Conversely the US Dollar has experienced bullish runs across the board after a succession of good domestic data results last week. Friday’s Jackson Hole symposium featured Janet Yellen, the Chair of the Federal Reserve. Her speech was softer-than-anticipated in terms of her unwillingness to accept the recent positive labour market data as a good reason to hike rates in the near-term. However, whilst the soft speech went some way towards curtailing the ‘Greenback’s’ (USD) bullish behaviour, the Dollar continued to perform strongly as interest rate hike speculation continues to mount.
The Euro to US Dollar exchange rate has hit a low today of 1.3182.
The Euro to ‘Greenback’ exchange rate has strengthened a little on Tuesday ahead of several US domestic data publications due later on in the day. The Durable Goods Orders and Consumer Confidence survey will be the most significant in terms of gauging US economic standing and provoking market movement.
There are no European domestic data releases on Tuesday so Euro movement is likely to be dictated by other currencies; particularly the US Dollar.
Forecast for the Euro to US Dollar Exchange Rate
Wednesday’s set of German domestic data publications will be highly valuable to those gauging the current German economic stability, or lack thereof, and is likely to provoke significant movement for the Euro. Given the poor German results on Monday those invested in the Euro will be hoping that the German data at least stays faithful to forecast figures.
Thursday will be the most influential day this week for both the Euro and the US Dollar. The German Unemployment Change, Unemployment Rate and the Consumer Price Index will be of enormous significance for the European economy and the Euro.
The US Gross Domestic Product data will be of huge weighting both economically and as a driver for US Dollar volatility. Those invested in the Dollar will be hoping for an improvement over the forecast figure which is expected to drop to 3.9% from 4.0%.
The Euro to US Dollar exchange rate has hit a high today of 1.3215.
