Money Transfer.co.uk
Compare money transfers, currency exchange and international transfer
Sat 21 Dec 2024 15:54GMT
Compare Money Transfers. Safe. Fast. Free.
A money transfer through a foreign exchange broker is the smart move. With excellent exchange rates and fee-free transfers, you could save time and money.
I need to send money...
Strong Confidence Stats Push Euro to US Dollar (EUR/USD) Exchange Rate Up
Published: 23 Jan at 4 PM Tags: Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Forex, Swiss Franc Exchange Rate, Euro Crisis, Yen Exchange Rate, Exchange Rates, Inflation,
Forecast-Beating Eurozone Confidence Growth Increases Euro to US Dollar Demand
The Euro has risen by 0.4% against the US Dollar today, following the release of data that shows growing economic confidence across the Eurozone.
Initial ZEW economic sentiment figures have shown higher-than-forecast confidence index readings for Germany and the Eurozone.
The German data was particularly supportive, given that politically speaking, Germany remains in limbo due to ongoing coalition talks.
More recently, a Eurozone-wide consumer confidence flash has shown a rise from 0.5 points to 1.3, exceeding the expected 0.6 point result.
Responding to the strong figures, ING economist Bert Colijn said;
‘With inflation still low, job growth surprising on the upside, house prices increasing and growth forecasts adjusted upwards, there is a lot to like for consumers and that’s evident.
The current mood among consumers is nothing short of ecstatic and current levels of confidence are generally associated with further acceleration in household consumption growth.
Uncertainty about possible Eurozone reform, Italian elections and the success of the German coalition negotiations clearly take a backseat to improved economic factors’.
While the Euro has been in high demand today, the EUR/USD exchange rate could drop back on the morning of 24th January when Eurozone PMI data is released.
The initial estimates for January are forecast to show slowing economic activity in all fields, which could have a cumulative negative impact on the Euro’s value.
US Dollar to Euro Rate Declines on Continuing Shutdown Concerns
The US Dollar has made a repeat performance of Monday’s trading today, falling in value against the Euro and other peers like the Swiss Franc and Japanese Yen.
This is because of persistent uncertainty about the future stability of the US government, which was recently hit by a three-day shutdown because of a lack of funding.
Democrat and Republican senators rejected initial funding plans in the Senate, which left the government in a semi-functional state for a brief period.
The shutdown has recently been lifted through a cross-party agreement, but there are continuing risks of another such occurrence if the tenuous truce between the two parties falls apart again.
As with Euro traders, those interested in the US Dollar will be watching out for PMI stats on Wednesday as sources of USD movement.
The manufacturing and services PMI estimates will be out, along with an overall composite reading, all for January.
A US Dollar to Euro decline is possible if the results match up with forecasts, as current estimates are for services sector growth but a manufacturing and composite PMI slowdown.
The Euro has risen by 0.4% against the US Dollar today, following the release of data that shows growing economic confidence across the Eurozone.
Initial ZEW economic sentiment figures have shown higher-than-forecast confidence index readings for Germany and the Eurozone.
The German data was particularly supportive, given that politically speaking, Germany remains in limbo due to ongoing coalition talks.
More recently, a Eurozone-wide consumer confidence flash has shown a rise from 0.5 points to 1.3, exceeding the expected 0.6 point result.
Responding to the strong figures, ING economist Bert Colijn said;
‘With inflation still low, job growth surprising on the upside, house prices increasing and growth forecasts adjusted upwards, there is a lot to like for consumers and that’s evident.
The current mood among consumers is nothing short of ecstatic and current levels of confidence are generally associated with further acceleration in household consumption growth.
Uncertainty about possible Eurozone reform, Italian elections and the success of the German coalition negotiations clearly take a backseat to improved economic factors’.
While the Euro has been in high demand today, the EUR/USD exchange rate could drop back on the morning of 24th January when Eurozone PMI data is released.
The initial estimates for January are forecast to show slowing economic activity in all fields, which could have a cumulative negative impact on the Euro’s value.
US Dollar to Euro Rate Declines on Continuing Shutdown Concerns
The US Dollar has made a repeat performance of Monday’s trading today, falling in value against the Euro and other peers like the Swiss Franc and Japanese Yen.
This is because of persistent uncertainty about the future stability of the US government, which was recently hit by a three-day shutdown because of a lack of funding.
Democrat and Republican senators rejected initial funding plans in the Senate, which left the government in a semi-functional state for a brief period.
The shutdown has recently been lifted through a cross-party agreement, but there are continuing risks of another such occurrence if the tenuous truce between the two parties falls apart again.
As with Euro traders, those interested in the US Dollar will be watching out for PMI stats on Wednesday as sources of USD movement.
The manufacturing and services PMI estimates will be out, along with an overall composite reading, all for January.
A US Dollar to Euro decline is possible if the results match up with forecasts, as current estimates are for services sector growth but a manufacturing and composite PMI slowdown.
Advertisement
Source: moneytransfer.co.uk