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Euro US Dollar Exchange Rate Slowly Firms after Mixed German Survey Stats

The Euro has managed to make a small advance against the US Dollar today, although the latest data releases have ultimately been limiting factors on EUR demand.

  • EUR USD rate rises to 1.05 – USD EUR rate slips to 0.94
  • German survey scores unsettle EUR investors – German GDP slows in Q3
  • US Dollar slumps on Thanksgiving holiday – Trump’s spending plans come under fire
  • Euro strength possible on incoming German confidence data – Next US releases due Friday

The US Dollar has flopped on the whole, owing to the Thanksgiving holiday shutting off any national data releases.

Euro Exchange Rate News: EUR USD Demand Rises despite Mixed German Ecostats

The Euro US Dollar exchange rate has been able to progressively climb today, rising by 0.3% to 1.05. Elsewhere, single currency demand has been high against some somewhat uninspiring data releases. These follow on from Wednesday’s PMI stats, which showed Eurozone rises in all three fields.

These have primarily come from Germany, where the nation’s finalised Q3 GDP growth rate figures have fallen on both the quarter and the year on Q2’s figures.

Other German ecostats have consisted of the Ifo expectations, current conditions and business climate printings for November, which have respectively fallen, risen and fallen.

US Dollar Euro Exchange Rate Slides during Thanksgiving Data Drought

The US Dollar Euro exchange rate has fallen -0.2% to 0.94 so far today. This negative shift which comes as the nation celebrates the tradition of Thanksgiving.

This has resulted in an absence of direct US data releases, although the USD EUR exchange rate has still been partly influenced by President-Elect Trump’s latest actions in the pre-Presidential period.

Trump has recently appointed Nikki Haley as US Ambassador to the United Nations, as well as Betsy DeVos, a high-profile philanthropist, as Education Secretary.

The latest policy focus has been on Trump’s apparent $1trn plans to invest in national infrastructure, which have been criticised by some as not paying for itself, as well as being overly ambitious or even damaging to the national economy.

Future EUR USD Forecast: Further Euro Gains Possible on Incoming German Confidence Stats

The Euro may be able to advance further against the US Dollar in the near term, as midday will bring the announcement of Germany’s GfK consumer confidence result for December. As it stands, this is expected to show a slight but clear rise, from 9.7 to 9.9.

Also due from the Eurozone later on will be a speech from European Central Bank (ECB) official Peter Praet.

Closing off the week’s data releases tomorrow for the US will be the October wholesale inventories figure, as well as the Markit composite and services PMI flashes for November.

Inventories are expected to rise by 0.3%, indicating a rise in unsold goods, while further US Dollar damage could come if the PMI flashes fall as expected.

Current Interbank Exchange Rates

The Euro US Dollar (EUR USD) exchange rate was trending in the region of 1.05 and the US Dollar Euro (USD EUR) exchange rate was trending in the region of 0.94 today.