The Euro has strengthened against the US Dollar and edged upwards against the British Pound due to increased investor optimism that the Eurozone will not break up in the near future.
Comments made by the Chief Executive Officer of Goldman Sachs Group Inc. Lloyd C. Blankfein to a German newspaper caused optimism in the markets. Blankfein said that the threat of a Eurozone break up was lower than a year ago due to political support for the single currency remaining intact.
“Americans have a history of underestimating the political will of the Europeans to see through the successful creation of a united Europe,” Blankfein said, according to an e-mailed transcript of the interview in English. “I’m not going to make the same mistake. It would be extremely bad for Europe and the rest of the world if the European experiment were to fail,” Blankfein, 58, was quoted as saying.
Blankfeins comments caused the Euro to rise by 0.12% against the US Dollar. The Dollar fell against the Euro and Sterling as demand for riskier currencies improved and as speculation rises that Federal Reserve Chairman Ben Bernanke could counters expectations that the Fed is coming close to reducing its quantitative easing programme in his monthly report due to be released on Wednesday.
Key Eurozone data releases for the week 13th to – 17th May
Thursday 23rd May- Eurozone PMI data
Eurozone consumer confidence data
Friday 24th May – German GDP data
German consumer confidence & business climate data
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.2854
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8464
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3160
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.5800
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7774
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1810
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7596
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6318
(Correct as of 11:40am GMT)
