EUR Remains at Low Levels against the USD
Posted on 24. Nov, 2008 by admin in Daily Euro Analysis, Euro Currency, Euro Currency News
In the past week the EUR has retained its relatively low exchange rates against the major currencies, and forced most traders to go short. For now it is quite clear that the previous levels of the EUR, such as 1.5000 against the USD, are a thing of the past, and seem highly unlikely to resume in the near future.
A few significant economic indicators were published from the Euro-Zone last week, but which only had a limited impact on the EUR as investors world-wide are focusing their attention to the U.S economic condition more than anything else. It can even be said that it appears that the EUR is mainly responding to the Dollar’s movements.
Looking ahead to this week, the most crucial Euro-Zone economic indicators will be given from Germany. The German economy is considered to be the strongest in the Euro-Zone. An improving condition in the German economy will probably be a landmark in the Euro-Zone’s race out of its recent recession, and is one of the key factors which will elevate the EUR.
Traders should follow the publications from the German economy and also watch out for any leading political announcements from the region that could have a great impact on the EUR.
