Forex Focus
EUR/USD
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Historical Details
- % Change
- 1 Wk 0.05%
- 1 Month -1.83%
- 3 Months -2.32%
- 6 Months -0.03%
- 1 Yr 1.61%
52 Week
- High 1.3711
- Low 1.2043
Bloomberg Median Forecasts
- Q2 2013 1.30
- Q3 2013 1.29
- Q4 2013 1.27
- Q1 2014 1.26
Twice daily commentary
23 May 2013 – Chicago: 08:30; London: 14.30; Singapore: 21.30; Melbourne: 23.30
Following the Federal Reserve’s ‘as you were’ statement, the EUR/USD currency cross has remained stable.
Not even two of the Fed’s team of twelve calling for an end to quantitative easing (QE) has managed to see the EUR/USD currency cross break out of its 1.3200 to 1.2800 range.
I suspect that most floating currency traders looking for volatility will have been attracted to the USD/JPY pairing following the news that the bond yields of Japanese debt had crept back to the 1% level.
So what will get the EUR/USD moving? Either confirmation of the beginning of the end of QE in the US, or some hard plans from the European Central Bank as to what stimulus measures they will take to revive the eurozone. If one or either of these were to happen we would see a sizable instant reaction from the currency markets. However, certainly in the short term, this seems unlikely.
France, Germany and the EU all posted manufacturing PMI figures this morning. Although they were all below the key 50 level and therefore reflected contracting economies they were all better than expected, just gently propping up the generic strength of the euro.
Alistair McCaig, London
GBP/USD
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AUD/USD
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USD/JPY
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Notes: Chart data based on IG's prices. Charts supplied by IT Finance. Bloomberg Median Forecasts are produced by Bloomberg by taking the median level from rates forecast by a number of contributors, which consist of leading banks and security firms.
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