The Euro (EUR) has made a minor gain against the US Dollar (EUR/USD) today, although this gain is most likely due to external factors. Other than this rise, the Euro has otherwise been negatively affected by the disappointing Portuguese and Latvian data that was released this morning.
Low Economist Expectations for Last Major Eurozone Data Release Tomorrow
The Euro (EUR) is unlikely to rally tomorrow based on its sole economic release, which will be Greece’s annual October Retail Sales figure. At the time of writing, forecasts were for a decline in the outcome from a prior -3.2% to -3.36%.
The Euro to US Dollar (EUR/USD) exchange rate has risen marginally today, although this gain is by no means set in stone on a week that is predominantly heavy with US data.
EUR/USD Exchange Rate News: Data Scarcity fails to Prevent Common Currency Uptrend Today
The Euro (EUR) has advanced by a small amount against the US Dollar (EUR/USD) today, with more noticeable movement also occurring against other peers. This has consisted of rises of 0.2% against the Pound Sterling (EUR/GBP) and 0.3% against the Indian Rupee (EUR/INR), but a decline of -0.2% against the Australian Dollar (EUR/AUD).
Today’s Eurozone-centric economic releases have hardly been supportive of the Euro’s mostly positive performance today; Slovakia has recorded drops in both Business and Consumer Confidence in December, while Spain’s November Retail Sales results have slipped on the month and the year. Additionally, Italy’s Business and Consumer Confidence printings for December have also declined relative to previous figures. The reaction of investors to this news is a contrast to their previous pessimism regarding French GDP figures last week.
US Dollar (USD) Steady Today on Week of US Data
The US Dollar (USD) has been making positive movement so far today and based on predictions for the rest of the week, these advances may expand if forecasts prove accurate. Among the US currency’s gains today have been a rise of 0.4% against the Indian Rupee (USD/INR), although elsewhere losses of -0.2% against the Australian Dollar (USD/AUD) and the Norwegian Krone (USD/NOK) have also been seen. Against the Euro (USD/EUR), the US Dollar has been trending in a narrow range on the negative side.
The most recent US data has been the negative Dallas Fed Manufacturing Activity result for December, which has dropped from -4.9 to -20.1.
EUR/USD Exchange Rate Forecast: Spanish Inflation and US Mortgage Data Due Out Tomorrow
Both the Eurozone and the US will have impactful economic releases to depend upon in the near future, although at the time of writing, it seemed that the quality of the US data would win out against that of the Eurozone.
The Euro’s (EUR) corresponding announcements will be tomorrow’s Spanish Harmonised and Base Inflation Rates for December, which are forecast to largely deteriorate across the board. One exception to this is the base annual preliminary, which is expected to improve from -0.3% to 0%. Also of interest to investors will be tomorrow’s Portuguese Industrial Production results for November, which were forecast to rise from 4.2% to 5.83% on the year but slide from 2.8% to -1.75% on the month.
From the US, data will come shortly in the form of the December Consumer Confidence figure, which was expected to rise from 90.4 to 93.8 at the time of writing. Also, the MBA Mortgage Applications figure covering the period up to December 25th will also be released.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0970 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9118 today.