The Euro (EUR) has trended narrowly in the negative against the US Dollar (EUR/USD) today as a result of the US Mortgage Applications result to the end of October 16th rising by 11.8%.
ECB’s Monthly Report to Open Tomorrow’s EUR/USD Movement before ECB Rate Decision
The Euro (EUR) will take the lead against the US Dollar (EUR/USD) tomorrow when the European Central Bank (ECB) publishes its Monthly Report, although the later interest rate decision and other relevant ECB releases are considered the more weighty results due out.
The Euro (EUR) has advanced by a minor amount against the US Dollar (EUR/USD) today, following on from yesterday’s rise in the US Housing Starts being eclipsed by the -5% drop in Building Permits and the no-show from Fed officials on the possibility of an interest rate hike next week.
Eurozone Debt-GDP Stats to provide Next EUR/USD Movement
The next piece of major information affecting the pairing will be the Eurozone Government Debt-GDP Ratio data for 2014, which may just show a pessimistic figure, given what dire circumstances the Greek economy was under during the year in question.
The Euro to US Dollar (EUR/USD) exchange rate has risen today, although relevant economic releases have actually been working against such a rise with negative postings.
EUR/USD Exchange Rate News: ECB’s QE Benefits Reassure Investors ahead of Interest Rate Decision this Week
The Euro (EUR) has advanced against the US Dollar (EUR/USD) by 0.2% today, a small gain but a nonetheless significant one, given the fact that today’s Eurozone releases have been disappointing. The German Producer Prices both printed worse than expected in negative figures and the Eurozone’s Current Account also showed signs of a decline today. However, news from the European Central Bank (ECB) bolstered the single currency; ECB Governing Council member Christian Noyer said yesterday that the ECB’s quantitative easing (QE) policy was ‘well calibrated, it’s already bearing fruits’. Noyer’s message was that no current adaptation of the QE policy was required, something that has brightened the outlook of countless investors in the Euro today.
Other advances have included 0.2% against the Japanese Yen (EUR/JPY) and the Pound Sterling (EUR/GBP) and 0.3% against the Canadian Dollar (EUR/CAD).
US Dollar takes a Tumble due to Lack of Fed Input on October 28th Decision
The US Dollar (USD) has had a dismal day so far, falling across the board against all but the Polish Zloty (USD/PLN), against which it rose by 0.3%. The most notable losses for the ‘Greenback’ have included -0.3% against the Euro (USD/EUR), -0.4% against the South African Rand (USD/ZAR) and -0.5% against the Swiss Franc (USD/CHF).
One of the causes for this slide in value for the ‘Buck’ has been the fact that due to illness, the usually hawkish Fed official Jeffrey Lacker failed to give his speech in Richmond yesterday. The speech was delivered on Lacker’s behalf by another Fed official, but either intentionally or due to Lacker’s absence, no mention was made of next week’s Federal Open Market Committee (FOMC) Interest Rate Decision. Lacker is a voting member of the FOMC.
EUR/USD Exchange Rate Forecast: US Housing and Fed Speeches may Undo Current Disparity if Optimism Wins Out Today
The next movement in the EUR/USD pairing is likely to come from the US side today, given that the major Eurozone releases have already come and gone. First up are the alternately positively and negatively predicted US Housing Starts and Building Permits figures for September; these will be followed by speeches from FOMC voting members Jerome Powell, William Dudley and Fed Chair Janet Yellen.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1364 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8803 today.