- The Euro remains virtually unchanged, near two-year lows following the ECB’s rate cut.
- The European Central Bank reduced interest rates to 3% from 3.25% previously, as expected.
- The BoE is expected to maintain a less dovish outlook amid a resilient British economy and higher inflation trends.
The Euro remains depressed near two-year lows at 0.8220 following a widely expected 25 bps rate cut by the ECB. The pair has accelerated its downtrend this week and is approaching an eight-year low at 0.8200.
The European Central Bank reduced its benchmark interest rate to 3% from 3.25% previously, as expected. In a few minutes, President Lagarde will meet with the press, where she will be asked about the timing of the next rate cut.
The bleak outlook for the Eurozone economy, along with political uncertainty in the region’s two largest economies, is adding pressure on the central bank to reduce borrowing costs, even with inflation above target.
In the UK, the economy is showing more resilience, and the high spending budget released by the Labor cabinet is expected to push prices up inflationary. That will likely force the BoE to approach monetary easing more cautiously.
Euro PRICE Today
The table below shows the percentage change of the Euro (EUR) against the main currencies today. Euro was the strongest currency against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.12% | 0.19% | -0.21% | 0.08% | -0.30% | -0.02% | 0.58% | |
| EUR | -0.12% | 0.07% | -0.32% | -0.04% | -0.42% | -0.13% | 0.47% | |
| GBP | -0.19% | -0.07% | -0.39% | -0.10% | -0.48% | -0.20% | 0.40% | |
| JPY | 0.21% | 0.32% | 0.39% | 0.29% | -0.10% | 0.16% | 0.79% | |
| CAD | -0.08% | 0.04% | 0.10% | -0.29% | -0.37% | -0.09% | 0.50% | |
| AUD | 0.30% | 0.42% | 0.48% | 0.10% | 0.37% | 0.29% | 0.88% | |
| NZD | 0.02% | 0.13% | 0.20% | -0.16% | 0.09% | -0.29% | 0.60% | |
| CHF | -0.58% | -0.47% | -0.40% | -0.79% | -0.50% | -0.88% | -0.60% |
The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent EUR (base)/USD (quote).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
