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March 3, 2021 - Written by John Cameron EUR/USD Exchange Rate Rangebound as EU Lockdowns Weigh on Eurozone Economy The Euro to US Dollar (EUR/USD) exchange rate was largely muted today, with the pairing currently fluctuating around $1.20. The Euro has suffered this week owing to largely underwhelming Eurozone economic data. Germany’s retail sales for January tumbled by -4.5, despite forecasts for a more modest contraction of 0.3%. The Federal Statistics Office commented: ‘This decline can be explained by the ongoing coronavirus lockdown, which meant a closure of many retail stores since Dec. 16, 2020.’ Today also saw the publication of the latest Eurozone PMI Composite report for February, which came in at a lacklustre 48.8. ....
Stronger German Economic Sentiment Limits Pound Euro Exchange Rate Upside The Pound to Euro (GBP/EUR) exchange rate began to shake off some of the impact of the unexpectedly improved German ZEW economic sentiment index. Although the index surged from 61.8 to 71.2 on the month in February this failed to keep the Euro (EUR) on a stronger footing for long. While this improvement suggests that economic confidence within the Eurozone’s powerhouse economy has strengthened the lingering risk of a double-dip recession remains. Lingering doubts over the strength of the Eurozone economic outlook and a stronger US Dollar (USD) both served to limit the upside potential of EUR exchange rates at this stage. ....