The Euro (EUR) has slumped against its rivals today, posting losses across the board and making little notable progress against the US Dollar (EUR/USD) or the Pound Sterling (EUR/GBP).
EUR/USD, EUR/GBP Exchange Rate News: Single Currency Slumps as ECB Official Points Out Implacable Problem
The Euro (EUR) has fallen by small amount against virtually all competitors today; largely in response to a speech from European Central Bank (ECB) Governing Council member Ewald Nowotny, who has stated that the current global financial turmoil may be the blame of emerging markets, such as Turkey and India. While identifying the problem is a positive step, the fact that the source of market unrest is extremely difficult to treat has hindered the appeal of the Euro today. These losses are something of a repeat of yesterday’s sub-optimal performances.
US Dollar (USD) and Pound Sterling (GBP) Flop Today
Both Pound Sterling (GBP) and the US Dollar (USD) have failed to make real progress today, with the Pound being softened by the morning’s unchanged 5.1% for the UK Unemployment Rate in December and the US Dollar remaining low due to yesterday’s NAHB housing market index for February, which fell from 61 to 58.
EUR, USD, GBP Exchange Rate Forecast: Eurozone Construction Stats and US Property Stats Ahead
The near future will bring a number of announcements for both the Eurozone and the US, with the former reports scheduled for release first.
These will be the Eurozone-wide Construction Output results for December, which at the time of writing were forecast to fall from 2.1% to 1.60% on the year. While this is obviously a negative development, it may nonetheless see the Euro (EUR) rise due to the possibility of a positive interpretation being placed on the result.
The US’s ecostats of the afternoon will focus mainly on February mortgage applications and January housing starts, although as of writing the only forecast was for a rise from -2.5% to 2.3% for the latter printing.
Current EUR, USD, GBP Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.1134, the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.8985, the Euro to Pound Sterling (EUR/GBP) exchange rate was trending in the region of 0.7796, the Pound Sterling to Euro (GBP/EUR) exchange rate was trending in the region of 1.2826, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.7004 and the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.4827 today.