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- Saturday, 17 October 2009 00:08:56 GMT Euro Near Major Top Against US Dollar, but Timing Anything but Clear
- Friday, 16 October 2009 23:25:32 GMT US Dollar May Be Setting Stage for Advance
- Wednesday, 14 October 2009 20:50:00 GMT Euro Rally Toward 1.50 Continues as Industrial Output Rises for Fourth Month
- Monday, 12 October 2009 20:05:09 GMT Euro Ends Week Just Above 1.4700 as German Trade Surplus Narrows
- Saturday, 10 October 2009 02:24:05 GMT US Dollar: At the Mercy of Risk Appetite...or is It?
- Friday, 09 October 2009 23:07:02 GMT Euro Could Succumb to ECB's Neutral Stance, Weak Data
- Friday, 09 October 2009 21:33:45 GMT Euro Ends Week Just Above 1.4700 as German Trade Surplus Narrows
- Friday, 09 October 2009 02:23:25 GMT German Current Account Set to Narrow in August
- Thursday, 08 October 2009 23:31:21 GMT Euro Looks like it May End up a Laggard in the Rate Game Given the ECB's Stance
- Thursday, 08 October 2009 23:30:39 GMT US Dollar and Dow on the Verge of Opposing Breaks
- Wednesday, 07 October 2009 21:15:48 GMT Euro Down as Q2 GDP Gets Revised Lower - European Central Bank Decision on Thursday
- Tuesday, 06 October 2009 17:45:40 GMT Euro US Dollar Exchange Rate Forecast
- Monday, 05 October 2009 19:42:00 GMT Euro Mostly Higher as Services PMI Signals Expansion for First Time Since May 2008
- Monday, 05 October 2009 03:52:22 GMT Euro Zone Investor Confidence to Hit 14-Month High But Markets May Not Notice
- Monday, 05 October 2009 02:38:33 GMT Euro Zone Retail Sales to Shrink for Second Month in August
- Saturday, 03 October 2009 02:35:09 GMT Euro: Will Risk Appetite Hold EURUSD Up or Will the ECB Ease a Break?
- Friday, 02 October 2009 21:38:58 GMT US Dollar Forecast for Recovery Will be Put to the Test
- Wednesday, 30 September 2009 23:15:36 GMT German Retail Sales to Shrink for Fourth Month, Outlook Remains Bleak
- Wednesday, 30 September 2009 20:07:43 GMT US Dollar Down Despite Q2 GDP Revision - Testimony from Fed Chairman Bernanke on Thursday
- Wednesday, 30 September 2009 00:28:00 GMT Euro Growth Outlook Bolstered by Retail Activity, Confidence but Market Little Impressed
The euro fell nearly 200 points during the European trading session as Euro-zone economic data was disappointing by nearly all measures.
Indeed, the Bloomberg Retail Purchasing Managers’ Index (PMI) for the Euro-zone slipped further to 46.2 in September from 47.7, marking the fourth consecutive month of contraction (a number below 50 signals contracting business activity). Furthermore, Euro-zone consumer, economic, industrial, and services confidence all turned increasingly pessimistic and looking at Credit Suisse overnight index swaps, the markets are pricing in nearly 100bps worth of rate cuts by the European Central Bank (ECB) over the next 12 months. However, a bigger driver of the drop in the euro and interest rate expectations was likely the indications of spreading financial problems. Belgium, the Netherlands and Luxembourg invested 11.2 billion euros in Belgium’s largest financial-services firm, Fortis, while Germany’s Hypo Real Estate, the country’s second-biggest commercial-property lender, received a 35 billion euro loan guarantee in order to provide liquidity. The news triggered massive losses in European stock markets as well, with most equity indexes ending the day down over 4 percent. Looking ahead to Tuesday, Euro-stat’s estimate for Euro-zone CPI is expected to slip to 3.6 percent in September from 3.8 percent. With the ECB announcing their next rate decision on Thursday, the news could trigger sharp moves as weaker-than-expected data likely to send the euro lower while strong figures could propel the currency higher.
Related Article: ECB Rate Decision May Redefine The Euro’s Outlook
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