The Euro to US Dollar (EUR/USD) exchange rate has decline by a marginal amount so far today. In the coming hours, this disadvantageous position could be offset by worse-than-expected US economic releases.
EUR/USD Exchange Rate News: Few Eurozone Releases Today Fail to Inspire Confidence in Common Currency
The Euro (EUR) has declined by a fractional amount against the US Dollar (EUR/USD) today, with most of its other movement being in a narrow range against the competition. Exceptions to this have been advances of 0.2% against the Canadian Dollar (EUR/CAD), 0.4% against the Polish Zloty (EUR/PLN) and 0.7% against the South African Rand (EUR/ZAR). This largely disadvantageous rate is a far cry from yesterday’s (comparatively) more decisive movement.
The Euro has been fairly lacking in economic data today and the announcements that have been made have been by no means unanimously positive. Most recently, the Portuguese Industrial Production and Retail Sales results for November have painted a relatively bleak picture – declines have been recorded across the board in both the monthly and yearly fields. Similarly worryingly, Latvia has also printed Retail Sales declines, covering November.
US Dollar (USD) Trending Similarly to Euro (EUR) Today as Investors Await 2015’s Last Economic Publications
The US Dollar (USD) has been doing little to impress investors today, with most of its movement being of the narrow variety against the usual peers. However, like the Euro (EUR), the ‘Greenback’ has nonetheless managed to achieve gains of 0.2% against the Canadian Dollar (USD/CAD), 0.6% against the Norwegian Krone (USD/NOK) and 0.8% against the South African Rand (USD/ZAR).
The most recent US data to speak of has been yesterday’s better-than-expected Consumer Confidence figure for December, which rose from 92.6 points to 96.5.
EUR/USD Exchange Rate Forecast: US Mortgage, Home and Inventory Data due in Near-Future
The next economic publications likely to affect the EUR/USD will come from the US side, with the ‘Greenback’ (USD) getting in some final releases ahead of New Year’s Eve tomorrow.
These include the imminent MBA Mortgage Applications figure for the period up to December 5th, along with the later annual November Pending Home Sales and the final DOE Crude Oil Inventories figure up to Christmas Day.
At the time of writing, forecasts were positive for the Home Sales result with an advance from 2.1% to 4% predicted. However, no forecast had been made for the Mortgage Applications and only a minor ‘improvement’ from -5877k to -2500k had been predicted for the Crude Oil Inventories.
On the Eurozone side of things, movement will potentially come from tomorrow’s annual Greek Retail Sales results for October. At the time of writing, however, the prediction was that the figure would fall from a previous -3.2% to -3.36%.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0916 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9162 today.