The Euro (EUR) has dropped by -0.6% against the US Dollar (EUR/USD) today; this comes despite the US Mortgage Applications up to September 4th falling by -6.2%.
US Claims Data could Add Insult to Injury in USD/EUR Exchange Rate if Applications are Reduced
The Euro (EUR) has no major relevant news due until Friday, so the US Dollar (USD) will be the half of the pairing focused on motion tomorrow. The US Initial Jobless and Continuing Claims figures are out tomorrow, as are the Wholesale Inventories numbers for July. Forecasts have claims increasing, although at a lesser rate than their previous totals. A drop from 0.9% to 0.3% has been predicted for the Inventories figure, which unlike most fields is a good thing for the US economy, as it shows a selloff of retailers’ stock, corresponding with increased buyer confidence.
The Euro (EUR) has improved its faring by 0.2% against the US Dollar (EUR/USD) today, having been bolstered considerably by the Eurozone Q2 GDP printing above predictions of stagnation.
Absence of Euro-Centric Data may Cause Downtrend in EUR/USD Pairing Tomorrow
The Euro to US Dollar (EUR/USD) exchange rate has improved today, although given the relative scarcity of Eurozone results for the rest of the week, it seems that the common currency (EUR) may not be retaining its lead any further. Tomorrow sees the release of the US Mortgage Applications figure to September 4th, and although no forecast has been made, the previous rise of 11.30% may serve as an indicator of what to expect for the next iteration of the result.
The Euro to US Dollar (EUR/USD) exchange rate has risen slightly today in spite of a number of factors weighing heavily on Eurozone confidence.
EUR/USD Exchange Rate News: Lack of Sentix Confidence Fails to Dent Overall Eurozone Optimism
The Euro to US Dollar (EUR/USD) exchange rate has trended narrowly today; elsewhere the single currency has had a mixed performance. Losses included falls of -0.2% against the Australian Dollar (EUR/AUD) and -0.4% against the Pound Sterling (EUR/GBP) while gains were made up of rises of over 0.3% against the Canadian Dollar (EUR/CAD), the Japanese Yen (EUR/JPY) and the New Zealand Dollar (EUR/NZD). The greatest gain for the Euro today was by 0.8% against the South African Rand (EUR/ZAR).
A similarly varied set of results has influenced the common currency today; the German Industrial Production figure for July rose by 0.7% on the month, below the estimate of 1.1% but still an improvement on the previous decline of -0.9%. Meanwhile, the annual variant of the figure showed a rise of 0.5%, but conversely the Eurozone Sentix Investor Confidence survey showed a fall from 18.4 points to 13.6.
Time to Brood over Fed Decision sees Uninspiring USD Conversion Rate Performance
The US Dollar (USD) has fallen by -0.2% against the Euro (USD/EUR) today and has seen an unsettled level of valuation in other pairings. The ‘Greenback’ has risen by over 0.3% against the Japanese Yen (USD/JPY) and the New Zealand Dollar (USD/NZD) today. Its greatest advance has been by 0.7% against the South African Rand (USD/ZAR). Losses include falls of -0.4% against the Australian Dollar (USD/AUD) and -0.7% against the Pound Sterling (USD/GBP).
As nothing new has come out for the US economy today, the unsettled performance of the ‘Buck’ can be attributed to the continuing fallout from the ambiguous US results released last Friday. The drop in the US Unemployment Rate for August, along with the shortfall in the Change in Non-Farm Payrolls figure and the rise in the Average Hourly Earnings for August has painted an extremely uncertain picture for the future of the US Economy. Comments and statements by Federal Reserve members are being regarded with special scrutiny as of late, as this varied set of major results has clouded opinions over whether a US interest rate rise will or won’t take place in September.
EUR/USD Exchange Rate Forecast: Rise in Eurozone GDP may Solidify Common Currency’s Place in the Pairing Tomorrow
The Euro (EUR) will be the first of the two currencies to receive a potential boost in the form of domestic data in the next 24 hours, with the German Trade Balance for July and Eurozone Q2 GDP figures being released in the morning. Forecasts are slightly pessimistic for the former figure and stagnation has been predicted for both the quarterly and annual variants of the latter.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1155 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8967 today.