The Euro (EUR) has crashed by -0.6% against the US Dollar (EUR/USD) today and has recorded far worse losses against other peers. The main cause for this is France’s declining Q3 GDP, which as the only notable Eurozone release of the day has disappointed investors enough to put the common currency into negative figures.
US Data to cause last Major Impact Tomorrow before Christmas Day
The US Dollar (USD) is likely to have the largest say in the pairing’s exchange rate movement tomorrow, as the Initial Jobless and Continuing Claims figures for December are due for release in the afternoon. At the time of writing, forecasts were for a decline in both fields.
The Euro to US Dollar (EUR/USD) exchange rate has been faring poorly today, mainly on account of the release of detrimental Eurozone data pertaining to France.
EUR/USD Exchange Rate News: French GDP Results Disappoint Investors on Otherwise Quiet Day
The Euro (EUR) has fallen by -0.2% against the US Dollar (EUR/USD) today, although greater losses have also been recorded elsewhere. For the most part, the Euro has been in a state of decline against the competition; this has been exemplified by drops of -0.2% against the Canadian Dollar (EUR/CAD), -0.4% against Pound Sterling (EUR/GBP) and -0.5% against the Indian Rupee (EUR/INR). For investors, this is a far cry from yesterday’s Euro rally that was observed.
The most notable occurrence affecting the Euro today has been the release of France’s Q3 quarterly and yearly GDP figures; these have respectively remained stagnant at 0.3% and fallen from 1.2% to 1.1%.
US Dollar (USD) Holds Steady Today ahead of Last Major Data Releases
The US Dollar (USD) has risen against many of its usual peers today, with gains of 0.2% being recorded against the Euro (USD/EUR), the South African Rand (USD/ZAR) and the Polish Zloty (USD/PLN).
Only one US economic publication has been released so far today – the November Personal Spending figure. The outcome (and its effects) have largely been positive for the US Dollar, as in rising from 0% to 0.3% it appears to have raised investor confidence sufficiently for a ‘Buck’ uptrend.
With Christmas Day fast approaching, when most currencies are inactive, it remains to be seen whether the position of the US currency will be strengthened or weakened by the impending data releases.
EUR/USD Exchange Rate Forecast: High-Impact US Data Due Today
The Euro (EUR) will decidedly have the short end of the stick in the near future, due to the dire shortage of Eurozone economic releases. At the time of writing, the sole contributor was expected to be the Q3 Current Account data from Luxembourg, with forecasts for a decline from €1061m to €664.4m.
By contrast, the US will have a much more solid input with the Durable Goods Orders figure for November along with Core Personal Expenditure on the year for the same month. Predictions have been for a decline from 2.9% to -0.7% for the former outcome and stagnation at 1.3% for the latter.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0930 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.6724 today.