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Euro to US Dollar Rate Hits 1-Week High, as France Resilient

Market CommentaryEuro to US Dollar Rate Hits 1-Week High, as France Resilient
Euro to US Dollar Rate Hits 1-Week High, as France Resilient
Euro to US Dollar Interbank Exchange Rate. Image credit: Brett Hondow.

Welcome to Pure FX's latest update of the euro to US dollar interbank exchange rate!

The Eurozone's common currency strengthens versus the greenback! The euro to US dollar interbank exchange rate has reached 1.1337 in the last day, its highest in over 1 week, or since March 5th.

By contrast, the euro was as low as 1.1184 on March 11th, so it's since climbed by +1.36%, or +1.5 cents!

To put this into context for you, €250,000 at today's interbank exchange rate would be worth $283,425. That compares to $279,600 on March 11th, so that's an increase of +$3,825!

This could be useful information for you, if you're planning to transfer money to the USA.

EUR to USD Rate Rises, as France Resilient to Slowdown

A factor why the euro to US dollar interbank exchange has hit this 1-week high is because France's economy looks set to stay resilient, even with the Eurozone's slowdown.

This week, Bank of France chief economist Olivier Garnier forecast that France's Gross Domestic Product (GDP) will expand by +1.4% in 2019, above the wider bloc's +1.1%.

If so, this will be the 1st time that France outpaces the Eurozone for several years, reports Reuters.

This is because France's economy is more domestically-based than the bloc, so France stays "resilient" when there's a slowdown in global trade, like now.

Euro vs US Dollar Climbs, as Eurozone Countries Spend

Also, another reason why the common currency has touched this 1-week high versus the mighty buck is because the Eurozone's countries are increasing their spending for the 1st time in years.

According to The Economist magazine this week, Eurozone countries' spending will reach a deficit of -0.9% in 2019, the 1st time in the red in 10 years.

In part, this is because French president Emmanuel Macron is lifting the minimum wage, to appease the 'yellow vest' protesters.

It's forecast that this will lift the bloc's GDP growth by 0.2%-0.3% this year, so this has helped boost the euro!

Common Currency Jumps Versus Buck, as Eurozone Factories Grow

In addition, a further explanation why the euro to US dollar interbank exchange rate has risen is because the Eurozone's factory output grew in January, said official statistics this week.

According to Bloomberg, industrial production in the bloc expanded by +1.4% in January compared to the month before, above financial market forecasts for +1.0%.

France, Italy and Spain all increased their factory output at the start of this year, in particular in energy and non-durable consumer goods.

It's hoped that this will support the Eurozone's economy in early 2019, so this has contributed to lift the euro!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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