Homepage » News » EUR/USD » Currency Forecast: Euro Softens Today after Mixed German Ecostats

Currency Forecast: Euro Softens Today after Mixed German Ecostats

The Euro to US Dollar (GBP/USD) exchange rate has been close so far today, with the ongoing uncertainties over Eurozone growth continuing to lessen support for the single currency.

Eurozone Economic News: German Figures Unsettle Investors

Data releases primarily presented uncertainty to supporters of the single currency today, with the Euro (EUR) trending in tight ranges against the Pound Sterling (EUR/GBP) and the US Dollar (EUR/USD) on account of German contributions.

These have been the February retail sales results, which have fallen on the month but risen on the year. Countering the annual positivity has been the unemployment data for March, which has recorded no change in the unemployment rate.

Major Euro movements have included rises of 0.2% against the Japanese Yen (EUR/JPY) and the US Dollar (EUR/USD) but a loss of -0.4% against the South African Rand (EUR/ZAR).

US Dollar (USD) Remains Soft Today after Oil Inventories Figure is Announced

The appeal of the US Dollar (USD) has been uncertain across the board today, advancing by 0.2% against the Pound Sterling (USD/GBP) but falling by -0.2% against the Indian Rupee (USD/INR) and the Polish Zloty (USD/PLN).

With the currency still weak in the wake of recent dovishness from Fed Chair Janet Yellen, the most recent high-impact data for US crude oil inventories to March 25th has done little to inspire fresh confidence in the ‘Buck’.

The count, which previously printed at 9357k, was expected to come in at 3000k yesterday. Unfortunately, a drop was recorded and the actual figure was 2299k.

Future Forecast: Eurozone Inflation Rate and US Claims Stats due Today

The near future will bring key data from both the Eurozone and the US, with the former currency area holding the advantage in terms of impact. Principally, the Eurozone’s inflation rate estimate and core figure for March on the year will be announced, with current forecasts being broadly positive in both fields.

Later on in the afternoon, the US’s negatively forecast initial jobless and continuing claims figures for March are expected.

Current EUR, USD Exchange Rates

The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1349 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.6963 today.