Money Transfer.co.uk
Compare money transfers, currency exchange and international transfer
Tue 3 Dec 2024 17:28GMT
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...
Currency Update: Euro to US Dollar Exchange Rate (EUR/USD) Rises 0.7% despite Italian Political Crisis
Published: 30 May at 1 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Forex, Euro Crisis, UK, Exchange Rates, Inflation,
Euro to US Dollar (EUR/USD) Exchange Rate Rally Triggered by Historic Low for German Jobless Rate
Today’s Euro to US Dollar (EUR/USD) exchange rate rise represents a recovery for the single currency; looking further back the pairing is still near a 10-month low.
The Euro has recently been supported by a range of Eurozone confidence measures for May, as well as a historic reduction in the German unemployment rate during the same month.
In the former case, Eurozone business confidence and consumer expectations for inflation turned out to be better-than-expected, which counteracted other negative sentiment scores.
The bigger boost has been the German unemployment rate reading, which has declined from 5.3% to 5.2%.
Although a minor shift, this still puts the (seasonally-adjusted) jobless rate at its lowest level since national reunification in 1990.
In the background, efforts to form an Italian government are still ongoing, but recent reassurances from economists have limited the negative effects from this.
Although another general election does seem likely, the expectation is that parties won’t be looking to take Italy out of the Eurozone whatever the result.
There could be further Euro to US Dollar gains ahead on Thursday morning, as higher Eurozone inflation and a lower overall unemployment rate are forecast.
Poor GBP Forecasts and Trading Tariffs Push US Dollar to Euro (USD/EUR) Exchange Rate Down
On the other side of the pairing, the US Dollar (USD) has struggled against the Euro (EUR) and most other peers because of rising uncertainty about international trading.
It looks like the US-China trade war is soon to bring a ‘battle’ of sorts, with US officials poised to implement tariffs worth $50bn against Chinese goods on 15th June.
The update caused confusion and concern among economists and Chinese officials, because US negotiators are still in talks with China and there appeared to be progress in previous weeks.
Summing up the mood in China, the Commerce Ministry said:
‘We feel both surprised and unsurprised at the tactical statement issued by the White House.
‘This is obviously contrary to the consensus reached between the two sides in Washington not long ago.’
Another factor lowering confidence among USD traders has been the forecast for a GDP growth rate slowdown this afternoon.
The expectation is for second estimates to reveal 2.3% growth in Q1 2018, which would be a step down from late-2017’s GDP readings.
If the upcoming GDP data does show a slowdown then the US Dollar to Euro losses could extend this afternoon.
Today’s Euro to US Dollar (EUR/USD) exchange rate rise represents a recovery for the single currency; looking further back the pairing is still near a 10-month low.
The Euro has recently been supported by a range of Eurozone confidence measures for May, as well as a historic reduction in the German unemployment rate during the same month.
In the former case, Eurozone business confidence and consumer expectations for inflation turned out to be better-than-expected, which counteracted other negative sentiment scores.
The bigger boost has been the German unemployment rate reading, which has declined from 5.3% to 5.2%.
Although a minor shift, this still puts the (seasonally-adjusted) jobless rate at its lowest level since national reunification in 1990.
In the background, efforts to form an Italian government are still ongoing, but recent reassurances from economists have limited the negative effects from this.
Although another general election does seem likely, the expectation is that parties won’t be looking to take Italy out of the Eurozone whatever the result.
There could be further Euro to US Dollar gains ahead on Thursday morning, as higher Eurozone inflation and a lower overall unemployment rate are forecast.
Poor GBP Forecasts and Trading Tariffs Push US Dollar to Euro (USD/EUR) Exchange Rate Down
On the other side of the pairing, the US Dollar (USD) has struggled against the Euro (EUR) and most other peers because of rising uncertainty about international trading.
It looks like the US-China trade war is soon to bring a ‘battle’ of sorts, with US officials poised to implement tariffs worth $50bn against Chinese goods on 15th June.
The update caused confusion and concern among economists and Chinese officials, because US negotiators are still in talks with China and there appeared to be progress in previous weeks.
Summing up the mood in China, the Commerce Ministry said:
‘We feel both surprised and unsurprised at the tactical statement issued by the White House.
‘This is obviously contrary to the consensus reached between the two sides in Washington not long ago.’
Another factor lowering confidence among USD traders has been the forecast for a GDP growth rate slowdown this afternoon.
The expectation is for second estimates to reveal 2.3% growth in Q1 2018, which would be a step down from late-2017’s GDP readings.
If the upcoming GDP data does show a slowdown then the US Dollar to Euro losses could extend this afternoon.
Advertisement
Source: moneytransfer.co.uk