Euro is gaining ground today against the US dollar, firming ahead of the upcoming EU meeting. Even though there are expectations that Cyprus will need more support, and the situation with the eurozone is still a long way from resolved, the euro is finding support today.
Central Bank: European Central Bank
Interest Rate: 0.50%
Trade Balance, 2010: -$209 bln.
Inflation, 2011: 3%
Global reserve currency
Currency of international trade
Main objective of the European Central Bank is price stability
Factors of Weakness
Fiscal troubles of the member-countries
The euro is the currency used by institutions of the European Union and 17 of 27 nations of the Union, which is collectively called the eurozone. The currency is also often used in some other countries, including those that are situated near the borders of the eurozone. The currency was officially adopted in 1995, introduced in financial markets in 1999, while coins and banknotes were released in 2001. It is the second popular reserve currency after the US dollar.
Euro News Archive
May 20th, 2013 at 16:05
May 17th, 2013 at 17:25
Disagreement over the vision of the eurozone is starting to take its toll on the euro. Lack of unified leadership at a time of economic difficult and continued sovereign debt crisis is contributing to the euro hitting a six week low in earlier trading.
May 16th, 2013 at 13:03
Euro is mixed today on the Forex market as an oil probe looking into price fixing continues. Recent US economic data is also being taken into consideration, since it demonstrates that maybe recovery is not on the way after all.
May 15th, 2013 at 9:35
The euro fell today as German economic growth trailed forecasts, reducing investors’ optimism about the future of the eurozone.
May 14th, 2013 at 14:12
The euro’s struggles against the US dollar continue today, with Germany and the ECB disagreeing on the next policy move. Euro has managed to make up some lost ground, though, paring its earlier losses as risk appetite rises on better equity performances. However, with commodities lower, the euro isn’t likely to find too much support.
May 13th, 2013 at 16:05
Euro is struggling today, changing between gains and losses against the US dollar, and finding it difficult to gain solid traction against other major currencies. Worries about recession continue to weigh on the 17-nation currency.
May 10th, 2013 at 13:31
Euro is lower against the US dollar today, dropping below the 1.3000 level for the first time in about two weeks. There isn’t a clear reason for the drop to take place right now, but there is speculation that general dollar strength is the main driver.
May 08th, 2013 at 16:31
Euro is gaining ground today, heading higher as an ECB rate cut seems further off after German economic data. Also helping the euro is general risk appetite following Chinese data.
May 07th, 2013 at 16:02
Euro is heading higher today, receiving some help from the latest German economic data. Industrial orders for March beat estimates, and that has provided some support for the 17-nation currency.
May 06th, 2013 at 15:54
ECB President Mario Draghi’s remarks on the euro and the eurozone economy are weighing on the 17-nation currency today. Insisting that monetary policy will continue to accommodate the economic conditions, Draghi’s remarks are weighing on the euro, sending it lower against its major counterparts.