The poor old euro took another plunge today against both the US Dollar and sterling. It moved over 1% to trade below 1.06 against the US dollar – the lowest point in 12 years – as the €1.1 trillion bond-buying program has begun to hit the single currency.
Against its major trading partner, the US dollar, the euro has lost almost 13% since the start of the year – on course for its worst quarter on record. The European Central Bank (ECB) has not set any alarm bells off just yet, as European policymakers seem to be suggesting they are comfortable with the fall for now, as it will benefit from imported inflation and increase export competiveness.
Today’s main data release will be Industrial Production data, which is forecast to increase slightly, up from 0% growth up to 0.2%. This is unlikely to have any significant effect on stopping the currency’s weakness.
If you are looking to buy or sell euros at this turbulent time for the currency, we suggest contacting your trader now for live rates, the latest news and purchasing strategies.