The Euro (EUR) has risen by 0.4% against the US Dollar (EUR/USD) today; this comes after the Fed’s minutes for their September meeting (released last night) revealed an extremely dovish attitude towards a future rate hike.
US Inventories and Sales Data to Induce Next Exchange Rate Movement this Afternoon
The next piece of salient information in the pairing will be the US Wholesale Inventories and Trade Sales figures for August; as of writing, only pessimistic forecasts were available for the two influential results.
The Euro to US Dollar (EUR/USD) exchange rate has risen considerably today, although as of writing the only Eurozone data releases had been overtly unsupportive.
EUR/USD Exchange Rate News: Common Currency comes out on Top as German Figures Come up Red
The Euro (EUR) has risen by 0.5% against the US Dollar (EUR/USD) today, just one of a number of notable gains for the single currency. Against other rivals, the Euro has in particular risen by 0.5% against the New Zealand Dollar (EUR/NZD) and 0.6% against the Indian Rupee (EUR/INR) and the Australian Dollar (EUR/AUD).
The day’s only Euro-centric releases so far have worked against the advances seen today; the German Trade Balance, Current Account and Import and Export figures for August all fell short of forecasts today, but developments in Greece have been decidedly more positive. In a political system repeatedly fractured by internal division and external pressures, the Greek government has managed to clearly win a confidence vote as part of the procedure that will begin to apply the third bailout conditions on the country. 48 reforms in total must be ratified in law before next week, although Prime Minister Alexis Tsipras has repeatedly concerned external onlookers by promising to try and secure debt relief for Greece, an issue of great division among the nation’s creditors.
Confidence in US Dollar (USD) Exchange Rate is Dampened as Negative US Results Trigger Fed Doubts
The US Dollar (USD) has made little positive movement today, with a small 0.2% advance against the Indian Rupee (USD/INR) being the only notable gain. On the other side of things, the ‘Buck’ has fallen by -0.5% against the Euro (USD/EUR), the Swiss Franc (USD/CHF) and the Norwegian Krone (USD/NOK).
This waning of support for the ‘Greenback’ has come as yet more US economic publications have called the likelihood of a Fed interest rate hike occurring before 2016 into question. The most recent blow has been the US Consumer Credit result for August, which was forecast to rise from $18.9bn to $19.5bn, but instead dropped to $16bn.
EUR/USD Exchange Rate Forecast: ECB Account to Provide Crucial Insight into ECB Policy, Exchange Rate Movement
The next piece of major data to affect the EUR/USD pairing ahead of this afternoon’s US releases will be the European Central Bank (ECB) Account of the Monetary Policy Meeting. Like the later Fed Minutes from their September 16th-17th Meeting, the account will provide a key insight into what ECB policymakers are considering regarding any future interest rate decisions, as well as their stance on whether further quantitative easing (QE) may be required after September 2016 to keep the Eurozone economy in check.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1295 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8856 today.