The Euro to US Dollar (EUR/USD) and Euro to Pound Sterling (EUR/GBP) exchange rates have dropped today; this measure of performance has largely been repeated across the board for the common currency (EUR).
EUR/USD, EUR/GBP Exchange Rate News: High-Impact GDP Stats Cripple Euro’s Appeal Today
The Euro (EUR) has lost out today, having posted losses of -0.3% against the US Dollar (EUR/USD), -0.6% against the Indian Rupee (EUR/INR) and -0.7% against Pound Sterling.
Although today has been data rich for the Eurozone, reports have largely worked against the Euro, with the day’s GDP statistics falling on previous entries or failing to match up with expectations.
For the overall Eurozone result, a loss from 1.6% to 1.5% has been recorded on the year. Germany’s results were more mixed, with a rise from 1.7% to 2.1% for the non-seasonally adjusted figure being offset by the slide from 1.7% to 1.3% for the working-day adjusted result.
US Dollar (USD) and Pound Sterling (GBP) Advance Today despite Uncertain Conditions
The US Dollar (USD) has made gains of 0.3% against the Euro (USD/EUR) and 0.6% against the New Zealand Dollar (USD/NZD) today, although elsewhere losses of -0.3% against the Indian Rupee (USD/INR) and -0.6% against the Pound Sterling (USD/GBP) have been recorded.
While yesterday’s incredibly dovish speech from Fed Chair Janet Yellen caused nothing but negativity for the US currency, today has seen the ‘Buck’ rise overall on account of the WTI price of crude oil rising above $27.20.
The Pound Sterling (GBP) has fared relatively well today, despite earlier mixed construction output stats for December being announced.
Positive Pound movement has included 0.5% against the US Dollar (GBP/USD) and 0.9% against the Euro (GBP/EUR), as well as 1% against the Czech Koruna (GBP/CZK).
EUR, USD, GBP Exchange Rate Forecast: US Sales, Confidence Data to Trigger Movement
With all of the UK’s data now out today and only a few low-impact Eurozone announcements left to come, it remains for the US’s high impact afternoon releases to generate further movement.
These will be the earlier advance retail sales, which are expected to rise from -0.1% to 0.1% and the later University of Michigan confidence score for February, which was expected to print a fractional rise from 92 points to 93 at the time of writing.
Current EUR, USD, GBP Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1282, the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8868, the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7754, the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2906, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6871 and the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.4558 today.