- Common currency softens after yesterday’s poor ecostats
- Speech from EC Commissioner fails to enthuse investors
- US Dollar levels out after poor home sales results
- Range of notable US releases due this afternoon
The Euro (EUR) advance has slowed against the US Dollar (USD) today, owing to the lack of support on offer from the Eurozone’s scant domestic data releases.
The US Dollar, meanwhile, has been divided against its peers, with previous shortfalls in the national housing sector likely contributing to this.
Eurozone Economic News: European Commission (EC) Speech Falls Flat on Future Outlook
The Euro (EUR) has been generally undesirable to investors today, having fallen by -0.2% against the Australian Dollar (EUR/AUD) and the Canadian Dollar (EUR/CAD) and by a greater -0.3% against the Polish Zloty (EUR/PLN). Against the US Dollar (EUR/USD), a slight gain has been recorded, though not by as much as yesterday.
The Euro has been most recently affected by domestic data and speculation pertaining to governing Eurozone and European institutions. In the former case, yesterday saw a disappointing outcome for the German IFO surveys for business conditions and other fields, as declines or shortfalls were the only recorded outcomes.
In terms of official news, it was estimated that inflation in the Eurozone would increase slightly in the short term, only to remain flat over an extended period. Meanwhile, a status quo-enforcing speech from EC Commissioner Jonathan Hill did little to excite economists.
US Dollar (USD) Declines Overall on Recent Housing Stats
The US Dollar (USD) has been a generally poor prospect today, having fallen by -0.3% against the Australian Dollar (USD/AUD) and the Canadian Dollar (USD/CAD) and by -0.4% against the Polish Zloty (USD/PLN). Against the Euro (USD/EUR), the ‘Buck’ has fallen by -0.2%, while the only notable gain has been by 0.2% against the South African Rand (USD/ZAR).
Domestic data has been thin on the ground for the US Dollar so far this week, with yesterday’s falling new home sales news for March having the greatest negative impact on the US Dollar’s prospects.
Future EUR, USD Forecast: ECB Speech and US Durable Goods Orders due Today
The bulk of the day’s data will be made up of US contributions, starting off with the early afternoon announcement of the preliminary durable goods orders result for March. Other announcements of note will include the services and composite PMIs, as well as the consumer confidence outcome, for April. Forecasts have been positive for orders and services, although a reduction is expected for the confidence outcome.
The only real Eurozone announcement likely to have an impact will come this evening, when European Central Bank (ECB) official Vitor Constancio is scheduled to give a speech.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1279 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8869 today.
