The Euro to US Dollar (EUR/USD) exchange rate has slipped by a small amount today, with the common currency putting on a mixed performance elsewhere.
EUR/USD Exchange Rate News: Rising Industrial Production Fails to Inspire Universal Confidence Today
The appeal of the Euro (EUR) has been extremely varied today, with advances being comprised of 0.3% against the Australian Dollar (EUR/AUD) and Canadian Dollar (EUR/CAD), along with a greater gain of 0.5% against the South African Rand (EUR/ZAR). The most notable losses have been -0.3% against the US Dollar (EUR/USD) and -0.4% against the Japanese Yen (EUR/JPY). This slump against the ‘Buck’ is a continuation of last week’s closing movement.
Along with an ongoing meeting of European Central Bank (ECB) officials, the Euro has otherwise been affected today by the monthly and yearly industrial production results for January. Respectively, advances have been made from -0.5% to 2.1% and from -0.1% to 2.8%. Despite this, the Euro has failed to make any noticeable gains on the news.
US Dollar (USD) Rises Today ahead of Week’s FOMC Interest Rate Decision
The US Dollar (USD) has been on a major uptrend today, with gains being recorded of 0.3% against the Euro (USD/EUR), 0.7% against the Swiss Franc (UDS/CHF) and 0.9% against the South African Rand (USD/ZAR).
No major US data is out today, therefore economists have been left to estimate the likelihood of a Federal Open Market Committee (FOMC) interest rate hike occurring on Wednesday evening’s meeting.
Despite positive signs within the US economy, current forecasts are nonetheless for a freeze when it comes to this month’s decision.
EUR/USD Exchange Rate Forecast: ECB Speech Incoming, Eurozone Employment Stats Out Tomorrow
The near future is set to bring another speech from an ECB official, this time from Advisor to the Executive Board Ignazio Angeloni. With this speech representing the last major EUR/USD pairing announcement of the day, it will be up to tomorrow morning’s Eurozone employment rate for the fourth quarter to generate further movement.
On the side of US contributions, movement is expected to come from tomorrow afternoon’s advance retail sales figure for February, which at the time of writing was expected to slide from 0.2% to -0.1%. Additionally, retail sales excluding automobile sales are expected to fall from 0.1% to -0.2%.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1119 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8996 today.