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EUR/USD Exchange Rate Falls Further on US Economic Recovery Hopes
Since touching impressive highs at the end of February, the Euro to US Dollar (EUR/USD) exchange rate has been plummeting and shedding its ground. Investors are buying the US Dollar (USD) in a rebound rally due to hopes that the US economy will recover.
At the end of February, EUR/USD touched on a high of 1.2239, but has since plunged back down. Last week saw EUR/USD open at the level of 1.2072 and shed around a cent and a half, closing at the level of 1.1912.
EUR/USD has continued its tumble this week so far. At the time of writing, EUR/USD is trending near a low of 1.1861, the lowest level for the pair in 3 months since November 2020.
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Despite the lingering threat of a no-deal Brexit and a cautious Bank of England (BoE), the British Pound to Euro (GBP/EUR) exchange rate is holding most of its recovery attempt this week. The Euro has seen little impact from news and currency movement in recent sessions, leaving Brexit speculation to be the primary cause of the pair’s movement – which could persist until there is a more concrete outcome for the Brexit process.
Since opening this week at the level of 1.0920, GBP/EUR has been trending with an upside bias, attempting to recover last week’s losses.
British Pound To Euro Rate Rallies As Sterling Best Performing Currency Today
Last week saw the British Pound to Euro (GBP/EUR) exchange rate tumbling as no-deal Brexit fears intensified, but this week hopes of a Brexit deal have risen once again. Shifting Brexit expectations are keeping the Pound highly volatile, but the Euro’s outlook remains fairly optimistic overall. This is because the Eurozone’s economic and coronavirus outlooks are relatively optimistic as well, keeping the Euro fairly appealing compared to rival currencies.
Due to time running out on Brexit talks, GBP/EUR movement has been dominated by Brexit news lately. Last week saw GBP/EUR open the week at the level of 1.1088 before spending most of the week trending lower, and closing the week at the level of 1.0920.