The Euro (EUR) has risen by 0.2% today against the US Dollar (EUR/USD) – this has mostly been due to the US economic publications of the day proving to be a thorough disappointment.
Eurozone Ratio Report to Open Tomorrow’s Movement ahead of US Mortgage Figures
The next movement in the EUR/USD pairing is likely to be caused by the Eurozone Government Debt-GDP Ratio for 2014, followed by the later US Mortgage Applications figures.
Today’s rise by the Euro (EUR) against the US Dollar (EUR/USD) has been facilitated by the 6.5% rise in the US monthly September Housing Starts figure being overshadowed by the -5% drop in the Building Permits for the same period and the lack of a mention for the Fed’s looming interest rate decision from speeches by William Dudley and Jerome Powell today.
The Euro (EUR) has posted a 0.3% gain against the US Dollar (EUR/USD) today, following the positive news that the European Central Bank (ECB) has raised the minimum capital level for Eurozone banks.
US Housing Figures to Provide Next EUR/USD Movement Today
The rest of today’s Eurozone data, however, has not been as supportive, with Germany’s Producer Prices falling into negatives and the Eurozone Current Account also dropping.
The next movement in the pairing is likely to come from the US Housing Starts and Building Permits for September, due this afternoon.
The Euro to US Dollar (EUR/USD) exchange rate has fallen today and the single currency has made scarce few gains against other competitors thanks to disheartening domestic data.
EUR/USD Exchange Rate News: Poor Construction Posting Devalues Euro ahead of ECB Decision
The Euro (EUR) has fallen by -0.3% against the US Dollar (EUR/USD) today, just one of a number of declines for the common currency. Other notable slip-ups have included -0.3% against the Indian Rupee (EUR/INR) and -0.6% against the Pound Sterling (EUR/GBP). On the opposite side of the equation, rises of 0.4% have been seen against the Canadian Dollar (EUR/CAD) and the Polish Zloty (EUR/PLN). The greatest gain on an otherwise uncertain day for the Euro has been 1.3% against the South African Rand (EUR/ZAR).
The only Eurozone data of note, the August Construction Output figures, have thoroughly disappointed investors today by coming out negatively. The monthly figure fell to -0.2% while the yearly record showed that construction had declined by a far greater -6%. This has hardly reassured investors ahead of Thursday’s European Central Bank (ECB) Interest Rate Decision, although at the time of writing the general opinion is that no change will take place from 0.05%.
US Dollar (USD) has Strong Performance Overall as Housing Market shows Minor Growth
The US Dollar (USD) has had a far more certain performance today, rising against most of its rivals due to a healthy result from the first US data of the week. The most notable advances have been by 0.3% against the Euro (USD/EUR), 0.4% against the Norwegian Krone (USD/NOK), 0.5% against the Canadian Dollar (USD/CAD) and 0.7% against the Polish Zloty (USD/PLN). As with the Euro, the greatest rise for the US Dollar today has been against the South African Rand (USD/ZAR) by 1.5%. Also like the Euro, the most prominent loss for the ‘Buck’ has been against the Pound Sterling (USD/GBP) to the tune of -0.3%.
Although the result was relatively minor, the positive showing for the NAHB October Housing Market Index from 61 points to 64 still managed to instil some degree of confidence in investors, enough to push the ‘Greenback’ up modestly against its rivals at least.
EUR/USD Exchange Rate Forecast: German PPIs and Eurozone Current Account to Open Greater Day for US Data
The Euro will get the first blows in tomorrow with the release of the German Producer Price Indices for September, along with the Eurozone Current Account for August. However, these opening strikes may turn out hollow as at the time of writing, predictions had been made for a decline of -0.2% in the monthly German PPI and a worse -1.8% drop for the annual variant. No predictions have been made for the Eurozone Current Account.
With the US, predictions for its results have also been mixed – the September monthly Housing Starts figure has a 1.9% rise forecast but the Building Permits result for the same period is estimated to fall by -0.4%.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1320 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8839 today.