The Euro to US Dollar (EUR/USD) exchange rate has fallen notably today, along with most of the other common currency pairings. The US Dollar (USD), by comparison, has been positive overall.
EUR/USD Exchange Rate News: Poor Inflation Stats Diminish Previous Euro Triumphs
The Euro (EUR) has been in a solid state of decline against a majority of its competitors so far today, with a more levelled investor reaction to yesterday’s European Central Bank (ECB) drama potentially being the cause.
On the domestic front, German finalised inflation in February has reprinted unfavourably on the month and the year, while Spanish inflation has dived into negative ranges under the same conditions. A lone bright spot has been Italy’s industrial production for January, which rose over 1.8% on the month and the year.
The greatest Euro losses seen today have included -0.5% against the US Dollar (EUR/USD), -1% against the Australian Dollar (EUR/AUD), -1.1% against the Canadian Dollar (EUR/CAD) and -1.3% against the South African Rand (EUR/ZAR).
US Dollar (USD) Advances Today after Previous Supportive Claims Stats
The value of the US Dollar (USD) has increased today, with the ‘Buck’ recording gains of 0.3% against the Polish Zloty (USD/PLN), 0.5% against the Euro (USD/EUR) and 0.9% against the Japanese Yen (USD/JPY).
The most recent show of support to the US economy has come from yesterday afternoon’s initial jobless and continuing claims for the start of March and the end of February, respectively; overall, claims were at their lowest levels since October 2015.
EUR/USD Exchange Rate Forecast: Portuguese Trade Balance and US Rig Count Out Today
The near-future is set to bring little in the way of impactful Eurozone or US economic data. The most notable announcement for the former area is likely to be the imminent Portuguese balance of trade result for January, which has been forecast to show a supportive reduction in the size of the current deficit.
On the US side, tonight’s Baker Hughes rig count is the only notable release due before the weekend.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1140 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8979 today.
