- US Dollar Euro (USDEUR) exchange rate currently trading at: 1 USD = 0.7430 EUR (+0.00055, +0.074%)
The euro extended gains against the dollar on Friday, nearing the $1.35 level, but couldn’t muster strength to rally above that level. The price dropped back this morning to trade around $1.3451
US Dollar Euro (USDEUR) Exchange Rate
Although no specific actions were decided upon at the Fed’s recent meeting, the fears instilled by the meeting were enough to affect markets this morning, pushing the dollar lower across the board but particularly lower against the euro. Housing data also came in below expectation, and we expect the dollar to remain under heavy pressure, especially as the Fed could take monetary easing measures soon.
Today’s other Forex news:
British Pound US Dollar (GBPUSD)
The pound closed the week with a mere 1.5 cent-gain against the dollar due to weaknesses perceived in the dollar. After the Fed’s latest meeting, where further monetary stimulus was proposed, market sentiment toward the dollar turned markedly more sour, and the dollar lost ground across the board.
Pressure against the dollar increased on Friday heading into the weekend as data from the US housing sector came in below expectations, unchanged versus the slight increase that analysts were expected. Going forward, the dollar is in a tough position, as positive economic news will lure investors away from the dollar, and negative news will send the dollar lower still.
British Pound Euro (GBPEUR)
The pound moved lower against the Euro on Friday as positive news surfaced on Germany’s economy. The news came from a German index showing business sentiment had increased this month. Given the economic woes in the eurozone, analysts had forecast a decline in this index, so the positive surprise lifted the currency considerably, but those gains have now started to vanish.
We will continue to monitor the US Dollar Euro (USDEUR) exchange rate throughout the day.