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Posts tagged: Euro

Another Weekly Decline for Euro on Easing Bets

By , August 30, 2014 8:32 am

Multiple euro banknotes and coinsThe euro experienced a very bad week, falling to the lowest level in almost a year against the US dollar, even though most other major currencies, including the Great Britain pound and the Japanese yen, were rallying versus the greenback.

The euro started the week soft as European Central Bank President Mario Draghi hinted last week at a possibility of another round of stimulus measures. While the German Finance Minister attempted to downplay easing expectations, poor economic indicators were not helping to convince traders that the ECB is not going to ease its monetary policy further. The central bank will conduct its next policy meeting on September 4.

Whatever the case will be, traders were selling the euro en masse. According to the weekly Commitments of Traders report, investors were increasing their short positions, while trimming long ones.

EUR/USD dropped from 1.3194 to 1.3139, touching the weekly low of 1.3133 — the weakest rate since September 6. EUR/JPY declined from 137.58 to 136.70. EUR/GBP sank 1 percent from 0.7969 to 0.7914.

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

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Euro Heads for Another Weekly Decline

By , August 29, 2014 5:20 am

Stack of one-euro coins on a chartEven though the euro is a little higher against some of its major counterparts, the 18-nation currency is headed for a weekly decline. The latest economic data confirms that rises in consumer prices continue to slow.

For the seventh week in a row, the euro is set for a weekly decline. This run of declines is the longest in more that 10 years. The latest economic data, focusing on consumer prices, was released earlier today. It looks as though another recession could be a real possibility, and that is impacting the euro.

Consumer prices rose 0.3 per cent year over year in August. However, the year over year increase in July was 0.4 per cent. This news means that things are slowing in the eurozone. The ECB likes to keep inflation at just below 2 per cent, so this is an issue from that standpoint as well.

There is speculation that the ECB will have to take more steps to stimulate the eurozone economy, and that doesn’t promise well for the euro, either. More details are awaited for next week, when policymakers meet and Mario Draghi makes an announcement about policy.

At 10:53 GMT EUR/USD is up to 1.3185 from the open at 1.3182. EUR/GBP is down to 0.7947 from the open at 0.7948. EUR/JPY is up to 137.1085 from the open at 136.7270.

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

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Euro Struggles on Easing Expectations

By , August 26, 2014 6:36 am

A fan of 500-euro billsEven though the euro is higher against some of its major counterparts, the 18-nation currency is struggling today. Euro has slipped lower against the US dollar, and is barely holding its own against the UK pound. Expectations that the ECB could ease policy further next week are weighing.

There is speculation, following comments made by Mario Draghi in Jackson Hole, Wyoming over the weekend, that the European Central Bank will move to ease monetary policy further. The ECB has been putting off quantitative easing for months now, but many think that it is inevitable.

Some expect easing to take place as early as next week, when ECB policymakers meet to discuss the direction of the eurozone and set policy. They are unlikely to cut rates further, and that leaves asset purchases and other methods of easing as their options.

Ahead of this possibility, the euro is struggling against some of its major counterparts. Euro has slipped slightly against the dollar, and is down against the yen. Even though the euro has managed to maintain gains against the pound, it is not without effort.

At 12:30 GMT EUR/USD is down to 1.3191 from the open at 1.3192. EUR/GBP is up to 0.7958 from the open at 0.7957. EUR/JPY is down to 137.1340 from the open at 137.2690.

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

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Euro Drops as Easing Bets Rise

By , August 25, 2014 8:50 am

Focus on 50-euro notesEuro is heading lower today, thanks in large part to the fact that bets are on the rise related to the idea that the European Central Bank is likely to put into place more easing measures for the 18-nation currency.

At the end of last week, ECB President Mario Draghi indicated that the central bank is prepared to use any tools it has at its disposal to boost the eurozone economy. Many Forex traders are taking that to mean that there is a good chance that the ECB could announce measures like asset purchases in the coming months, if the level of inflation continues to be an issue.

The idea that the ECB is ready to embark on further easing (deposit rates are already negative) is weighing on the euro today. The policy divergence between the euro and other major currencies, particularly the US dollar and the UK pound, is becoming more apparent, and resulting in more difficulties for the euro.

However, the exercise now isn’t to bolster the euro; it’s to try and stimulate the ailing eurozone economy.

At 10:27 GMT EUR/USD is down to 1.3201 from the open at 1.3202. EUR/GBP is also lower, dropping to 0.7956 from the open at 0.7974. EUR/JPY is down to 137.2425 from the open at 137.5780.

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

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Swissie Drops vs. Dollar, Gains vs. Euro

By , August 19, 2014 2:02 pm

Swiss coins on franc notesThe Swiss franc slumped along with the euro versus the US dollar today. The Swissie rose against the shared 18-nation currency itself but is slowly losing gains right now.

The performance of the Swiss currency was closely correlated to that of the euro since the Swiss National Bank introduced a cap on the franc three years ago. While central banks of some developed countries are planning to tighten their monetary policies, the European Central Bank maintains its easing bias. Most analysts believe that in such environment the SNB has no choice but maintain the currency ceiling for at least a year or two.

USD/CHF was up from 0.9063 to 0.9088 as of 19:36 GMT today. EUR/CHF dropped from 1.2113 to 1.2099 before trading at 1.2106.

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

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Swissie Drops vs. Dollar, Gains vs. Euro

By , August 19, 2014 2:02 pm

Swiss coins on franc notesThe Swiss franc slumped along with the euro versus the US dollar today. The Swissie rose against the shared 18-nation currency itself but is slowly losing gains right now.

The performance of the Swiss currency was closely correlated to that of the euro since the Swiss National Bank introduced a cap on the franc three years ago. While central banks of some developed countries are planning to tighten their monetary policies, the European Central Bank maintains its easing bias. Most analysts believe that in such environment the SNB has no choice but maintain the currency ceiling for at least a year or two.

USD/CHF was up from 0.9063 to 0.9088 as of 19:36 GMT today. EUR/CHF dropped from 1.2113 to 1.2099 before trading at 1.2106.

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

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Euro Gains Ground Even After GDP Data

By , August 14, 2014 8:52 am

20-euro bill and the map of EuropeEven with the latest economic data out of the eurozone, the 18-nation currency is gaining ground today. Evidence that the eurozone economy has stalled, prompting concerns about a return to recession, hasn’t been enough to dampen the euro today.

Euro is heading higher against its major counterparts today, even after the latest data from the eurozone. Eurozone GDP has stalled, following a few months of weak growth. Even with the threat of recession, though, the euro is heading higher.

There are a number of issues weighing on the eurozone right now. First of all, German output fell more than expected. Germany is the largest economy in the eurozone, and is often seen as a bellwether and a leader. On top of that, the eurozone economy is threatened by the situation in the Middle East, as well as the sanctions against Russia, thanks to the situation in Ukraine.

Even so, the euro is heading higher against its major counterparts, even as commodities struggle. It’s an interesting dynamic. However, some expect that the euro will have to fall soon, due to the ECB taking action to stimulate the economy.

At 13:55 GMT EUR/USD is up to 1.3404 from the open at 1.3365. EUR/GBP is up to 0.8033 from the open at 0.8008. EUR/JPY is up to 137.2105 from the open at 136.8765.

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

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Euro Higher Now, But Likely to Fall Next Week

By , August 8, 2014 8:38 am

One euro coin and a chartEuro is a little bit higher today, logging gains against its major counterparts. However, many think that this is the result of profit-taking, and a bit of readjustment. Expectations are that the 18-nation currency will show weakness again next week, especially since there is plenty of reason for its weakness.

After a week of losses, the euro is heading a bit higher, thanks in large part to profit taking. Indeed, there’s not a lot of real reason for the euro to gain today. The geopolitical situation continues to present uncertainty — especially after the latest air strike ordered by President Obama on an Iraqi area held by ISIS.

Additionally, the eurozone itself is not expected to provide a lot of support for the 18-nation currency. The eurozone continues to see weak economic results, and recession in Italy and banking problems in Portugal indicate that the crisis isn’t quite over. ECB President Mario Draghi was clear that he favors a weaker euro in a policy announcement, so expectations are that euro weakness will resume in the near future, probably next week.

At 14:06 GMT EUR/USD is up to 1.3403 from the open at 1.3364. EUR/GBP is up to 0.7981 from the open at 0.7939. EUR/JPY is up to 136.5220 from the open at 136.4250.

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

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Disappointing Economic Data Weighs on Euro

By , August 6, 2014 7:40 am

Euro sign monumentEuro is heading lower today, thanks in large part to the disappointing economic data released earlier. Also impacting the euro is the geopolitical situation, which brings with it a great deal of uncertainty right now.

The latest economic data out of Germany is somewhat disappointing. German factory orders dropped 3.2 per cent from May to June, constituting the biggest drop since 2011. Germany is a major player in the eurozone economy, and difficulties for Germany often man difficulties for the rest of the 18-nation currency region.

It’s also not helping that indications are that Italy has moved into recession territory, with a second-straight quarter of economic contraction. Coming on the heels of the recent banking scandal in Portugal, this doesn’t bode well for periphery countries, and it indicates that the issues related to the eurozone aren’t over.

Add to all of this the uncertainty surrounding the situation in Ukraine, as well as concerns about the Middle East, and there is a recipe for euro weakness against some of its major counterparts, particularly the US dollar.

At 14:17 GMT EUR/USD is lower, dropping to 1.3355 from the open at 1.3376. Euro has been struggling against the US dollar all session. EUR/GBP is up to 0.7934 from the open at 0.7922. EUR/JPY is down to 136.6970 from the open at 137.2350.

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

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Euro Falls Ahead of This Week’s ECB Meeting

By , August 4, 2014 9:24 am

Euro banknotes and coinsEuro is down pretty much across the board today, thanks in large part to the fact that many expect that the ECB will not be releasing any sort of euro-supportive message after its meeting later this week. Also weighing on the euro is the latest banking scandal in Portugal.

Even though the eurozone saw its PPI rise in June, the 18-nation currency is struggling in Forex trading today. Indeed, the fact that PPI prices saw their first rise of the entire year isn’t helping the euro, since many Forex traders are, instead, focused on the latest bank scandal and considering the acknowledgement that the ECB is unlikely to try to support the euro in any way after its next policy meeting later this week.

Portuguese bank recently collapsed, and even though the new version of the bank claims to be much stronger, there are questions about how the bank collapse happened in the first place. Regulators appear to have been hoodwinked about Portugal’s Banco Espirito Santo, and this came to light as 4.9 billion euros were used to shore up the bank over the weekend.

This news indicates that the debt crisis isn’t over, and economic growth isn’t near enough to prevent further problems.

At 14:26 GMT EUR/USD is down to 1.3420 from the open at 1.3431. EUR/GBP is down to 0.7969 from the open at 0.7980.

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

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