The Swedish krona fell today against the euro, touching the lowest level in a week, after the consumer and manufacturing gauges declined this month, sparking talks about an interest rate cut. The currency advanced versus the US dollar.
The Consumer Confidence Indicator fell from 5.2 to 3.6 in May. The confidence indicator for the manufacturing industry declined from -9 in April to -15 this month. The Riksbank will hold its policy meeting on July 3 and today’s data suggests that policy makers may cut interest rates during the gathering.
USD/SEK dropped from 6.6460 6.6444 as of 12:06 GMT today. Meanwhile, EUR/SEK advanced from 8.5967 to 8.6017.
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Euro is paring some of its earlier losses, and even moving higher against the US dollar today, getting help from the latest German Ifo reading.
After falling earlier today, the euro is eking out gains against the US dollar. The latest German Ifo reading is helping matters for the 17-nation currency.
The latest Ifo report shows an improvement to 105.7 from the 104.4 level seen in April. This unexpected improvement follows on the heels of two straight months of declines. Additionally, the Bundesbank predicts that Germany’s economy will pick up the pace — even as the rest of the eurozone remains mired in the sovereign debt crisis.
However, with Germany showing signs of life, there is hope for the rest of the eurozone. Many Forex traders are hoping that Germany’s economic turnaround can fuel the rest of the eurozone. There are also hopes that the worst is over, and that the ECB will stick to its pledge to support the 17-nation currency no matter what happens.
For now, that’s enough to help lift the euro out of its earlier losses and begin making progress against the US dollar.
At 13:46 GMT EUR/USD is up to 1.2935 from the open at 1.2933. EUR/GBP is up to 0.8566 from the open at 0.8561. EUR/JPY is down to 130.7515 from the open at 131.9350.
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The Great Britain pound advanced today versus the US dollar after the second revision of GDP data confirmed that the nation’s economy emerged from recession. At the same time, the currency weakened against the euro and the Japanese yen.
UK gross domestic product grew 0.3 percent in the first three months of 2013 from the fourth quarter of 2013, according to the second revision. The reading was unchanged from the preliminary estimate. The data added to optimism about Britain’s economy and increased the appeal of the pound.
The sterling advanced against the dollar after the news. Yet the euro and the yen were too strong themselves and outperformed the UK currency.
GBP/USD went up from 1.5047 to 1.5109 as of 20:32 GMT today. EUR/GBP advanced from 0.8543 to 0.8558. GBP/JPY declined from 155.21 to 153.82, while its daily low was at 151.76.
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The eurozone continues to show weak data readings, and many expect the recession in the eurozone to last through the rest of the year. However, even so, the euro is still gaining against the US dollar. Even with the current “risk off” environment, euro is heading higher.
The latest Purchasing Managers’ Composite index reading from Markit shows that a rise from 46.9 to 47.7 is being seen for May. However, even though there is a rise, the index is still solidly in contraction mode. The eurozone is considered to be in contraction until it reaches the 50.0 level.
Germany appears to be stagnating, and France continues to struggle.
Even with this news, the euro is gaining against the US dollar today. Some think that it might be more of an indication of dollar weakness than of euro strength. However, if the ECB decides to make more drastic moves to boost the eurozone economy, things could change and the euro could weaken.
For now, though, euro is higher, even though there is a bit of a ”risk off” feeling today with stocks lower and other risk assets out of favor.
At 14:37 GMT EUR/USD is up to 1.2908 from the open at 1.2858. EUR/GBP is up to 0.8562 from the open at 0.8544. EUR/JPY is down to 131.1860 from the open at 132.6450.
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Euro is gaining ground today, heading higher as Ben Bernanke’s testimony to Congress gets under way. Expectations of loose monetary policy in the United States are helping the euro today.
Even though Federal Reserve Chair Ben Bernanke is likely to share optimism about the economy while testifying before Congress, there are enough doubts about inflation and the speed of the economic recovery that the loose monetary policy is expected to continue.
While the ECB has cut rates, and may cut rates again, the eurozone has yet to engage in quantitative easing, so the euro remains somewhat strong against the dollar. Euro is also strong against the UK pound, thanks in large part to the disappointing retail sales data out of the United Kingdom.
So, even though credit agencies are warning that there could be more downgrades for debt-ridden eurozone countries, the euro is still retaining some of its strength today. Indeed, there is also an element of risk appetite helping the situation, since stocks are heading higher and there seems to be a demand for riskier assets. Gold is also gaining, which helps EUR/USD.
At 14:17 GMT EUR/USD is up to 1.2980 from the open at 1.2905. EUR/GBP is up to 0.8582 from the open at 0.8515. EUR/JPY is up to 133.5020 from the open at 132.2895.
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The US dollar fell against the euro today on speculations that the Federal Reserve will maintain its stimulus program. The currency edged higher versus the Great Britain pound and the Japanese yen.
James Bullard, the President of the Federal Reserve Bank of St. Louis, said the Fed should continue to purchase bonds to stimulate the economy. William Dudley, the President of the Federal Reserve Bank of New York, said that policy makers were too optimistic previously about prospects of the US economy. Fed Chairman Ben Bernanke will speak tomorrow.
The dollar was rising against the euro on speculations about an end to quantitative easing and reversed its movement after talks changed. At the same time, the greenback rallied versus the sterling and the yen as these currencies had their own problems.
EUR/USD was up from 1.2880 to 1.2921 as of 22:37 GMT today. GBP/USD dropped from 1.5253 to 1.5160, touching the low of 1.5110, and USD/JPY went up from 102.25 to 102.38 (its daily high was at 102.87).
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Euro is gaining ground today against the US dollar, firming ahead of the upcoming EU meeting. Even though there are expectations that Cyprus will need more support, and the situation with the eurozone is still a long way from resolved, the euro is finding support today.
European policymakers are making it a point to contradict ideas of a breakup for the eurozone. With European Union policymakers insisting that the euro will remain intact — and probably at all costs — the euro is finding support on the Forex market.
The news comes ahead of an EU meeting slated for later this week. There seems to be concern for the future of the euro, with warnings coming from various sources. The International Monetary Fund is warning that Cyprus will likely need more support in coming months.
Also causing some ruffled feathers is the comment by the Bundesbank President that France needs to tighten its budget. Jens Weidmann has said that France needs to boost its budgetary responsibility, even as the rest of the eurozone moves away from strict austerity measures as a way to contain the sovereign debt crisis.
At 15:59 GMT EUR/USD is up to 1.2866 from the open at 1.2843. EUR/GBP is down to 0.8451 from the open at 0.8454. EUR/JPY is down to 131.9555 from the open at 131.9750.
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Disagreement over the vision of the eurozone is starting to take its toll on the euro. Lack of unified leadership at a time of economic difficult and continued sovereign debt crisis is contributing to the euro hitting a six week low in earlier trading.
French President Francois Hollande is once again pressing for greater integration in the eurozone, and the ECB has been announced as the bank supervisor for the eurozone.
However, even though the French president is interested in greater integration, his vision for the euro is not being greeted with enthusiasm from everyone. Brussels isn’t excited about it, and it’s not very popular in Berlin, either.
Indeed, German Chancellor Angela Merkel has been skeptical of the idea of greater integration in the eurozone for some time.
Between the recently disappointing economic data in the eurozone (particularly the last ZEW reading) and the lack of unified leadership amongst the major players in the 17-nation currency region, it is little surprise that the euro is struggling today. Earlier, euro hit a six-week low, and it will be difficult for the euro to overcome its issues.
At 17:21 GMT EUR/USD is down to 1.2829 from the open at 1.2882. EUR/GBP is up to 0.8456 from the open at 0.8436. EUR/JPY is up to 132.2255 from the open at 131.7450.
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Euro is mixed today on the Forex market as an oil probe looking into price fixing continues. Recent US economic data is also being taken into consideration, since it demonstrates that maybe recovery is not on the way after all.
Euro is turning in a mixed performance today, heading higher against low beta currencies like the dollar and the yen, but losing ground to the UK pound.
Even though a eurozone slump has been confirmed by economic data, the 17-nation currency isn’t doing too bad today. Eurostat reports that annual consumer inflation dropped to 1.2 per cent, and has, as a result, mentioned the risk of deflation for the eurozone.
However, euro is higher against the US dollar on the last unemployment claims figures which show a jump to 360,000 first-time claims. Paired with yesterday’s disappointing industrial production data, and the euro has the upper hand right now.
But that may not continue. Not only is the eurozone facing continued economic problems, but a European Commission probe into oil companies that might have been fixing their prices is also a factor to consider.
At 13:01 GMT EUR/USD is up to 1.2904 from the open at 1.2887. EUR/GBP is down to 0.8454 from the open at 0.8458. EUR/JPY is up to 132.0550 from the open at 131.7650.
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The euro fell today as German economic growth trailed forecasts, reducing investors’ optimism about the future of the eurozone.
Today’s report showed that “the German economy is slow in gaining momentum” as gross domestic product barely rose 0.1 percent in the first quarter of 2013. Analysts have hoped for 0.3 percent expansion. At the same time, the US economy looks robust enough, driving the Dollar Index to the highest level in almost 10 months.
EUR/USD fell from 1.2918 to 1.2901, trading near the lowest since April 4, and EUR/JPY ticked down from 132.28 to 132.07 as of 9:33 GMT today.
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