EUR/USD Exchange Rate Rises on Rising German Exports in April The Euro to US Dollar exchange rate rose today following the release of the latest German The Euro to US Dollar exchange rate rose today following the release of the latest German export data, which continued its recovery in April despite continued lockdown restrictions. The pairing is currently fluctuating around $1.21.
Euro US Dollar Exchange Rate Strengthens despite ECB’s Cautious Tone
Despite taking a cautious tone about the uncertainty of the Eurozone outlook, the European Central Bank (ECB) policy decision was well-received today and the Euro US Dollar (EUR/USD) exchange rate strengthened.
Since opening at the level of 1.1983 this week, EUR/USD has trended with a largely upside bias as the Euro (EUR) benefits from US Dollar (USD) weakness.
Earlier in the week, EUR/USD touched on a high of 1.2076. This was the pair’s best level in about a month and a half, and the pair has been trending closely to that high since.
Recovering German Consumer Confidence Shores up Euro US Dollar Exchange Rate
A better-than-expected Germany GfK consumer confidence index helped to boost the Euro to US Dollar (EUR/USD) exchange rate.
While the index remained trapped in negative territory, only climbing from -15.5 to -12.9, the improvement nevertheless signalled an uptick in domestic sentiment.
Evidence that worries among German consumers began to ease on the month offered the Euro (EUR) a solid leg up against its rivals, in spite of lingering pandemic concerns.
February’s Eurozone economic sentiment index also bettered forecasts this morning, adding to the bullish outlook of EUR exchange rates.
February 9, 2021 - Written by Frank Davies
Euro US Dollar Exchange Rate Shakes off Narrowed German Trade Surplus
A sharper-than-expected narrowing of the German trade surplus was not enough to knock the Euro to US Dollar (EUR/USD) exchange rate off its positive footing.
Even though the headline trade surplus narrowed from €16.7 billion to €14.8 billion this failed to put the Euro on the back foot against its rivals.
Investors instead took encouragement from the details of the trade data, which showed a modest 0.1% monthly uptick in export volumes.
This defied forecasts of a fresh -1% decline in exports during December, suggesting a stronger trade performance from the Eurozone’s powerhouse economy.
Euro US Dollar Exchange Rate Tumbles despite Forecast-Beating Eurozone GDP
Investors continued to sell the Euro US Dollar (EUR/USD) exchange rate today. As Eurozone coronavirus jitters persist, the Euro (EUR) is recoiling from its best levels while its rival the US Dollar (USD) rebounds from its lows.
Since hitting impressive highs in January, EUR/USD has been gradually trending lower in recent weeks. Last week saw EUR/USD slip from the level of 1.2171 to 1.2137 throughout the week.
EUR/USD has seen even sharper losses this week already though, with the pair losing over half a cent yesterday and falling even further today.