The Euro (EUR) has fallen by -0.3% against the US Dollar (EUR/USD) today and made little positive progress against its other economic competitors. Most recently, a speech from European Central Bank (ECB) Governing Council member Erkki Liikanen has begun.
Further ECB Speeches due in the Future ahead of US Claims Data
The Euro (EUR) may continue to be moved in the near-future by speeches from ECB members Benoit Coeure as well as a far later delivery by Bundesbank President Jens Weidmann. On the US side of things, the US Initial Jobless and Continuing Claims figures for the end of November and the beginning of December are due out this afternoon.
Earlier…
The Euro to US Dollar (EUR/USD) exchange rate has risen today, with the common currency (EUR) making sizable gains against both the ‘Greenback’ (USD) and other economic rivals.
EUR/USD Exchange Rate News: Stable Eurozone GDP Figures Bolster Single Currency’s Appeal Today
The Euro (EUR) has made gains of 0.5% against the US Dollar (EUR/USD) today, with greater advances also being seen against the common currency’s peers. These have included 0.9% against the Pound Sterling (EUR/GBP), 1.1% against the Canadian Dollar (EUR/CAD) and 1.3% against the Australian Dollar (EUR/AUD). Although by a comparatively smaller amount, the Euro’s current gains against the US Dollar are an echo of last week’s performance.
The Euro’s positive progress today is mainly on account of two factors. The first is that this morning’s Eurozone Q3 GDP figures have met with expectations by repeating 0.3% on the quarter and 1.6% on the year. The other reason is that due to global commodity prices seemingly entering freefall, the appeal of the Euro has been raised in the face of distinctly unappealing commodity currencies.
US Dollar (USD) has Mixed Performance Today as Commodity Prices and Business Optimism Fall
The US Dollar (USD) has had an uncertain showing so far today, with fluctuations being observed across the board. Among the gains of the ‘Buck’ have been 0.6% against the Canadian Dollar (USD/CAD), 0.8% against the Australian Dollar (USD/AUD), 1.1% against the South African Rand (USD/ZAR) and 1.4% against the Norwegian Krone (GBP/NOK).
The US’s only notable domestic data so far today has been the NFIB Small Business Optimism score for November, which has fallen from 96.1 to 94.8. Elsewhere, the plummeting price of commodities the world over has seriously rattled investors in US stock markets, with the DOW falling by 200 points shortly after trade opened in the US today. Energy companies across the nation have also been hit hard by the seemingly-perpetual decline in commodity prices.
EUR/USD Exchange Rate Forecast: German Ecostats due Tomorrow before US Mortgages and Crude Oil Stocks
The next economic publications to affect the EUR/USD pairing aren’t due until tomorrow, when the Euro (EUR) will have the first say in exchange rate movement.
Germany’s Trade Balance result for October is due out (having been negatively forecast), with the figure being the result of the disparity between the nation’s seasonally adjusted Exports and Imports for the same month. As of writing, forecasts have similarly been pessimistic for the outcomes of these fields, with respective declines of -0.6% and -1% being predicted.
Later on tomorrow, the US Dollar (USD) will enter the fray with the release of the MBA Mortgage Applications up to December 4th, along with the DOE Crude Oil Inventories up to the safe period. No forecasts have been made for the results of either of these areas, but a high number in the latter field may not actually boost the ‘Buck’ by a large amount, given that the price of crude oil is currently trending around its lowest level in seven years.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0877 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9195 today.
