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Posts tagged: Euro

Euro Regains Upper Hand in Currency Trading

By , January 29, 2015 9:33 am

Euro banknotes rolled upEuro is getting some help in forex trading today, heading higher against its major counterparts in something of a correction. However, it’s uncertain how long the current good news will last.

For now, the euro seems to be enjoying something of a relief rally. It looks as though, even though Syriza won the Greek elections, there won’t be an exit for the embattled country from the eurozone. Additionally, it also appears that many are focusing on the fact that the Federal Reserve continues to put off interest rate hikes. There is also speculation that the US dollar might be in a bubble, and that is changing the situation for the euro.

The 19-nation currency remains vulnerable, however. BOE Governor Mark Carney has blasted the eurozone for its structural issues and the continued focus on austerity. Plus, it is far from certain that the troubles in the eurozone are truly over. The euro might be higher today, but no one is sure how long the rally will last.

At 11:39 GMT EUR/USD is higher, moving up to 1.1322 from the open at 1.1289, after falling to to a nearly 11-year low. EUR/GBP is also higher, up to 0.7485 from the open at 0.7448. EUR/JPY is up to 133.4560 from the open at 132.6060.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

Week of ECB — Week of Suffering for Euro

By , January 24, 2015 4:23 am

One euro coinThe euro plunged against the majority of most-traded currencies this week after the European Central Bank expanded its monetary stimulus. There was another currency that suffered from its central bank’s policy decision — the Canadian dollar, which was even weaker than the euro.

Forex market participants were speculating about additional stimulus from the ECB for a long time. Often, when traders anticipate an event, it turns out to be not that impactful as its effect has already been priced in. Yet this time the impact was profound, sending the euro to the lowest level in more than 11 years. One of the reasons for such an outcome is that the size of stimulus was bigger than the market has counted on.

There was also a true surprise this week in the form of an interest rate cut from the Bank of Canada. While traders expected the ECB decision, the BoC move came out from nowhere, seriously damaging the performance of the Canadian dollar. The loonie even maintained its losses against the euro, albeit trimming them significantly.

EUR/USD sank from 1.1552 to 1.1207 (3.1 percent) this week. EUR/JPY tumbled from 135.69 to 132.03 (3 percent). EUR/GBP declined from 0.7634 to 0.7471 (2.1 percent). At the same time, EUR/CAD rallied from 1.3838 to 1.4376 and closed at 1.3919.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

Dollar Gains to Highest Since 2003 vs. Euro

By , January 22, 2015 2:17 pm

Packs of US 100-dollar billsThe US dollar climbed to the highest level since 2003 against the euro today after the European Central Bank made a move, announcing an expansion of its asset purchase program. The currency also gained against other major counterparts.

While initially it looked like the gains of US currency against the euro might be limited, the rally accelerated and the greenback jumped as much as 2.1 percent against the currency of the eurozone and touched the strongest rate since November 2003. The dollar also rallied to the highest since July 2013 versus the Great Britain pound. The sterling was soft as poor Britain’s economic data reinforced the view that the Bank of England will not raise interest rates anytime soon.

Turning to the news from the United States, US economic data was mixed. The housing report showed an increase of housing starts but a drop of building permits. Unemployment claims fell last week but were still above the forecast level. Nevertheless, the impact of the ECB announcement allowed the dollar to ignore any negative factor that might have impacted it.

EUR/USD sank from 1.1609 to 1.1376 as of 18:41 GMT today. GBP/USD dropped from 1.5140 to 1.5030. USD/JPY advanced from 117.96 to 118.23 after falling to 117.25 earlier during the trading session.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Forex News

Euro Down After ECB Announces Expansion of QE

By , January 22, 2015 11:34 am

One euro coin and a chartThe euro dipped today after the European Central Bank announced an expansion of its asset purchase program. The size of the expansion was a bit bigger than market participants have anticipated.

As was expected, the ECB left interest rates unchanged at today’s policy meeting. Regarding quantitative easing, ECB President Mario Draghi announced the following decision of the Governing Council:

It decided to launch an expanded asset purchase programme, encompassing the existing purchase programmes for asset-backed securities and covered bonds. Under this expanded programme, the combined monthly purchases of public and private sector securities will amount to €60 billion. They are intended to be carried out until end-September 2016 and will in any case be conducted until we see a sustained adjustment in the path of inflation which is consistent with our aim of achieving inflation rates below, but close to, 2% over the medium term.

The rate of QE increase was somewhat bigger than that was discussed previously (€50 billion). As a result, the euro dropped. Losses were substantial but not dramatic as the announcement did not shock the market (unlike announcement of some other central banks).

EUR/USD declined from 1.1609 to 1.1490 (1 percent) as of 14:11 GMT today. EUR/JPY went down from 136.95 to 135.29 (1.2 percent), and EUR/GBP dipped from 0.7667 to 0.7578 (1.1 percent), reaching the lowest level since February 2008.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

Euro drops on ECB bond purchase expectations

By , January 20, 2015 5:09 am

Multiple euro banknotes and coinsEuro continues to lose ground against the dollar and the pound as expectations of a bond purchase program become stronger. Many expect more quantitative easing from the European Central Bank, and that is weighing on the 19-nation currency.

The eurozone economy remains on the brink of recession, and policymakers are trying to do whatever they can to combat deflation. As a result, the euro keeps heading lower. The next move from the ECB is likely to be a bond purchase program designed to kickstart the economy.

Many expect ECB President Mario Draghi to announce a 550 billion euro bond purchase program that will inject more liquidity into the eurozone economy. The expectations of quantitative easing are sending the euro lower against the US dollar and the UK pound, two of the euro’s biggest trading partners.

Expectations for quantitative easing, and the precipitous drops for the 19-nation currency, have already changed the way some countries manage their own currencies. Recently, the Swiss franc’s peg to the euro was ended, and some think that RMB will be the next peg to be got rid of as a result of the euro’s difficulties.

At 11:31 GMT EUR? USD is down to 1.1587 from the open at 1.1609. EUR/GBP is down to 0.7646 from the open at 0.7680. EUR/JPY is up to 137.2980 from the open at 136.4970.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

QE Speculation Weighs on Euro

By , January 12, 2015 6:40 am

One euro coinEuro is once again struggling, thanks in large part to speculation that policymakers are moving toward full scale quantitative easing. The announcement could come later this month, and many Forex traders are anticipating it.

On January 22, policymakers at the European Central Bank will meet to discuss further moves for propping up the eurozone’s flagging economy. One of those moves might be all-out quantitative easing. There are rumors that the ECB might initiate a sovereign bond buying program, based on how much each country involved has paid to the ECB.

The speculation is really hitting home with many Forex traders, and the euro is mostly lower today against its major counterparts. Monetary easing is expected to further reduce the euro’s value.

Also of some concern is Greece. The Syriza party leader insists that Greece won’t leave the eurozone if the far-left party wins elections later this month. However, there are some that contend that Greece wouldn’t be such a loss after all, and that cutting the country loose — rather than dealing with more monetary blackmail — would make more sense.

At 12:00 GMT EUR/USD is down to 1.1806 from the open at 1.1852. EUR/GBP is down to 0.7797 from the open at 0.7806. EUR/JPY is up to 140.7600 from the open at 140.1800. EUR/CAD is down to 1.4021 from the open at 1.4026.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

Euro Continues to Drop on Future Expectations

By , January 8, 2015 4:42 am

20-euro bill and the map of EuropeEuro continues its downward slide against major currencies as future expectations weigh on the 19-nation currency. Concerns about the economy are paramount, and many expect the ECB to announce another round of easing at its next meeting.

Forex traders are already preparing for another round of easing from the ECB policymakers. The next meeting is expected to bring more asset purchases in an attempt to bolster the flagging economy. German industrial orders fell by more than expected, and much of the eurozone economy follows Germany’s lead. Other economic news in the eurozone hasn’t been better, and that has led to speculation that the ECB needs to do more. And, of course, concerns about Greece and the upcoming election remain in many minds.

The euro’s situation is in start contrast to what’s happening with the US dollar. The recent rhetoric out of the Fed has many believing that an interest rate hike is just around the corning, and that is helping the greenback. For now, the policy divergence is resulting in lows not seen by the euro for nine years.

At 11:32 GMT EUR/USD is down to 1.1773 from the open at 1.1833. EUR/GBP is also lower, falling to 0.7814 from the open at 0.7832. EUR/JPY is down to 141.0620 from the open at 140.9960.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

Euro Continues to Drop on Future Expectations

By , January 8, 2015 4:42 am

20-euro bill and the map of EuropeEuro continues its downward slide against major currencies as future expectations weigh on the 19-nation currency. Concerns about the economy are paramount, and many expect the ECB to announce another round of easing at its next meeting.

Forex traders are already preparing for another round of easing from the ECB policymakers. The next meeting is expected to bring more asset purchases in an attempt to bolster the flagging economy. German industrial orders fell by more than expected, and much of the eurozone economy follows Germany’s lead. Other economic news in the eurozone hasn’t been better, and that has led to speculation that the ECB needs to do more. And, of course, concerns about Greece and the upcoming election remain in many minds.

The euro’s situation is in start contrast to what’s happening with the US dollar. The recent rhetoric out of the Fed has many believing that an interest rate hike is just around the corning, and that is helping the greenback. For now, the policy divergence is resulting in lows not seen by the euro for nine years.

At 11:32 GMT EUR/USD is down to 1.1773 from the open at 1.1833. EUR/GBP is also lower, falling to 0.7814 from the open at 0.7832. EUR/JPY is down to 141.0620 from the open at 140.9960.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

Euro Continues to Struggle

By , January 6, 2015 6:27 am

Stack of one-euro coins on a chartEuro continues to struggle today, although it is off recent lows. Concerns about the eurozone, as well as continued low oil prices are weighing on the 19-nation currency region.

The euro has gained some ground since it collapsed below the $ 1.19 level against the US dollar yesterday, reaching a low not seen for nine years. The euro is still lower today than its open, although it is not quite that low. The 19-nation currency is also struggling against other currencies today, although it is higher against the UK pound.

Concerns that Greece’s far left Syriza party will come out ahead in the election scheduled for later this month are among the stressors for the euro. If Syriza does take the reins of Greece, there is a chance that the eurozone will see its first defection.

Not only that, but global oil prices continue to struggle. Oil is below $ 50 a barrel for the first time in years, and that is helping the US dollar. Struggling gold is also helping, but gold is back above $ 1,200 an ounce, so that situation isn’t as dire.

At 11:47 GMT EUR/USD is down to 1.1901 from the open at 1.1933. EUR/GBP is up to 0.7829 from the open at 1.7825. EUR/JPY is down to 141.79 from the open at 142.75.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

Dollar Gains on Euro for Third Session

By , December 29, 2014 9:36 pm

Focus on one US dollarThe US dollar rallied yesterday and continued to gain on the euro today, reaching a new multi-year high. The greenback also was strong against the Great Britain pound but slipped versus the Japanese yen.

The US currency gained on the currency of the eurozone for the third straight session due to concerns about the outcome of the Greek elections. Experts are concerned that in case of victory of the opposition Syriza party the bailout package or even the place of the Greece in the eurozone will be in danger. Obviously, such worries are very negative for the euro, allowing the dollar to benefit from its role of a safe haven.

Meanwhile, optimism about the US economy added to the appeal of the greenback. This year, the dollar gained against all other 31 most-trade currencies for the first time on a record.

EUR/USD fell from 1.2151 to 1.2140 as of 3:34 GMT today, trading near the lowest level since July 2012. GBP/USD dropped from 1.5559 to 1.5514 during the previous trading session and remained closed to this level today. USD/JPY declined from 120.66 to 120.48.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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