Forex focus
EUR/USD
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Historical Details
- % Change
- 1 Wk 1.01%
- 1 Month -0.35%
- 3 Months -0.72%
- 6 Months -0.05%
- 1 Yr 3.08%
52 Week
- High 1.3711
- Low 1.2043
Bloomberg Median Forecasts
- Q2 2013 1.30
- Q3 2013 1.29
- Q4 2013 1.27
- Q1 2014 1.26
Twice daily commentary
24 May 2013 – Chicago: 06:00; London: 12.00; Singapore: 18.00; Melbourne: 21.00
The euro is trading higher versus the US dollar this morning after Germany reported higher-than-estimated business sentiment figures.
The euro is trading at $1.2982, up 0.4% after the German IFO business climate report came in at 105.7 in May, which compares with a reading of 104.4 in April. The increase in business sentiment pushed the euro higher versus the US dollar, as the German economy is one of the few that is actually growing within the eurozone.
There is speculation that the Federal Reserve will cut back on the size of its quantitative easing (QE) package in an effort to try and stop the US economy being so dependent on it. There has been no date set in stone as to when QE will be reduced, but some analysts believe that it could take place in the next few months. QE has put the US dollar under pressure in the past few years, and if the Fed makes serious moves to scale back we could traders sell the euro and buy the dollar.
David Madden, London
GBP/USD
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AUD/USD
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USD/JPY
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Notes: Chart data based on IG's prices. Charts supplied by IT Finance. Bloomberg Median Forecasts are produced by Bloomberg by taking the median level from rates forecast by a number of contributors, which consist of leading banks and security firms.
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