30th March to 3th April 2009 Euro / USD
Posted by admin | Posted in Weekly and Daily Wake up | Posted on 30-03-2009
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The current rate of euro against US Dollar is 1.3293 which is (-) 2.16% down from the last week. But the currency has definitely shown improvement over the last month by 4.30%.
The US dollar has seen a tremendous upswing in its trading over the past few weeks due to FED’s disclosure of providing a quantitative easing program of 1 Trillion US dollar. This means bringing new money into circulation by printing the currency and easing the current situation of global meltdown. Moreover FED held rates at 0.25% and core retail sales jumped at 1.3% from (-) 3.1% previously which will definitely leave an impact on euro.
This announcement of FED has had an impact on euro over other currencies of the world and has accounted for 1.31 level gains further accumulating to net gain for the euro. Moreover euro surged towards 95 as pound failed to keep up to its expected level. Also German ZEW survey showed an unexpected improvement to (-) 3.5% as compared to (-) 5.8% previously. So the week had ups and downs with a low of 1.3257 and a high of 1.3591 and closed at 1.3305.
But the week started with a gloom as German minister commented that euro currency is at a risk if European economies do not improve and do not oblige to the stability pact. This resulted in a sharp fall of the euro against US Dollar. Also March eco sentiment forecast have not shown a major improvement which is at 65.5 as compared to 65.4 previously.
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