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EUR Daily News
EUR Yet to Hit Rock Bottom; Analysts Expect Further Depreciation
The EUR sustained heavy losses against its rival currencies as it continued with its recent downtrend produced by falls in the European stock market. During early trading, the EUR rose to a session high against the USD after the release of pessimistic economic data from the U. S. helped weaken the Dollar to its session low above the 1.2800 level. However, the 15-nation currency came back down later on, reversing the initial rally as U.S. stocks declined and sustained fears about a worsening global economic slowdown.
Against the JPY, the EUR lost more than 500 points, hitting bottom at 119.21. As a main cause for this behavior we point to the European stock markets, which closed with a fall of 4% following adverse result from the Asian and American markets. Another sector which was seriously affected was banks and securities companies dealing with raw materials. These companies fell victim to persistent fears that the global economic slowdown could cause the fall in demand of Crude Oil and other precious metals.
Looking at the news we see that the EUR was completely absent from the calendar yesterday. Today will be no different as only one economic figure will be released: German PPI, which measures the change in the price of goods sold by manufacturers. This indicator is forecasted to be lower than the previous month's. Traders should follow the development of the other currencies, the GBP and JPY primarily, as they will also affect the EUR's volatility today.
News Archives
| 19.11.2008 | EUR Continues to Fall Under Foreign Influence |
| 18.11.2008 | GBP Recoups Losses from its 6 Year Low |
| 17.11.2008 | EUR Weakness Could Result in Further Interest Rate Cuts |
| Dato | Tidspunkt | $€£¥ | Begivenhed | Per. | Forr. | Prog. | Fakt. | Vigt. |
|---|---|---|---|---|---|---|---|---|
| 11/21 | 07:45 | EUR |  French Consumer Spending | m/m | 0.6% | -0.5% | - |  |
| 08:00 | EUR | French Flash Manufacturing PMI | 40.6 | 40.0 | - | | ||
| 08:00 | EUR | French Flash Services PMI | 47.5 | 46.8 | - |  | ||
| 08:30 | EUR | German Flash Manufacturing PMI | 42.9 | 42.0 | - | | ||
| 08:30 | EUR | German Flash Services PMI | 48.3 | 47.6 | - | |
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