The Euro (EUR) has trended narrowly in the positive against the US Dollar (EUR/USD) today, likely as a result of the US Initial Jobless and Continuing Claims data released yesterday showing that no major progress had been made towards reducing the number of benefit claimants in the United States.
University of Michigan Confidence Index to Potentially Further Current EUR/USD Uptrend Later Today
As the German CPIs for August have failed to make any movement away from predictions, the next affecter of the pairing’s exchange rate will be the University of Michigan Confidence Index for September. A drop from 91.9 points to 91.1 is predicted; if this decline in the influential index proves accurate, it seems probable that the common currency (EUR) will hold its current advantage against the ‘Buck’ (EUR/USD).
The Euro (EUR) has fallen by -0.6% against the US Dollar (EUR/USD) today; this comes in spite of the US Mortgage Applications to September 4th decreasing by -6.2%. This failure to react to such a negative event can be attributed to the continuing uncertainty surrounding the Euro thanks to the unpredictable outcome of the impending Greek election.
Accurate US Industries Prediction will likely Swell Support for ‘Greenback’
The Eurozone has no key data releases tomorrow, so the US Dollar (USD) will be the star of the show until Friday. The US Wholesale Inventories figure for July is expected to drop from 0.9% to 0.3% tomorrow and such a significant reduction in the quantity of goods held by retailers (if accurate) is likely to maintain the current downtrend in the EUR/USD conversion rate.
A minor decline has been recorded in the Euro to US Dollar (EUR/USD) exchange rate today ahead of a relatively slow news day for both the Eurozone and US.
EUR/USD Exchange Rate News: Yesterday’s Eurozone Results Failed to Provide Long-Term Gains for Euro
The Euro to US Dollar (EUR/USD) exchange rate has declined by -0.2% today and the common currency has seen mostly losses against the rest of its rivals. These include falls of -0.3% against the Australian Dollar (EUR/AUD), -0.4% against the Swiss Franc (EUR/CHF) and -0.7% against the South African Rand (EUR/ZAR). The only real positive for the single currency has been a 0.2% increase against the Japanese Yen (EUR/JPY).
In the wake of the annual Eurozone Q2 GDP rising from 1.2% to 1.5% but the quarterly result posting a drop from a revised 0.5% to 0.4%, the common currency has failed to achieve any lasting support from yesterday’s results.
Second 2015 Greek Election Speculation Impacts EUR to USD, GBP Exchange Rate Trading
Enthusiasm for the Euro has also been dampened by the ongoing election campaigns in Greece; while Former Prime Minister Alexis Tsipras’ Syriza party initially seemed set to reclaim a majority, the latest polls have put the former leaders neck and neck with the second largest party, New Democracy. Fortunately for speculators, both parties support the recently agreed bailout conditions, but Tsipras has fashioned his election campaign around ‘softening the edges’ of the harsher bailout conditions, something that may not be popular with the European Central Bank (ECB) and the International Monetary Fund (IMF).
US Dollar Triumphs over Euro (USD/EUR), Displays Mixed Faring Elsewhere
The US Dollar (USD) has risen by 0.2% against the Euro (USD/EUR) today, a small victory in an otherwise inconsistent set of results. The ‘Buck’ has risen by over 0.2% against the Canadian Dollar (USD/CAD), the Japanese Yen (USD/JPY) and the Norwegian Krone (USD/NOK) but has dropped by over -0.3% against the Swiss Franc (USD/CHF) and the South African Rand (USD/ZAR).
The last US economic results of yesterday saw a growth from 1.8 points to 2.1 in the Labour Market Conditions Index Change for August, but a drop in the Consumer Credit amount for July.
EUR/USD Exchange Rate Forecast: No Eurozone Data until Friday mean that US Dollar Dominance Remains Likely
The Euro (EUR) has no relevant economic releases until Friday, but the US Dollar (USD) will be affected by a number of domestic publications before then. The most immediate of these is the US Mortgage Applications figure to September 4th; no predictions have been made but the previous result saw an 11.30% increase.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1181 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8946 today.