{"id":2850,"date":"2013-05-20T15:09:57","date_gmt":"2013-05-20T15:09:57","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=2850"},"modified":"2013-05-20T15:16:29","modified_gmt":"2013-05-20T15:16:29","slug":"eur-makes-advances-against-weakening-usd-ahead-of-key-eu-meet","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/eur-makes-advances-against-weakening-usd-ahead-of-key-eu-meet\/","title":{"rendered":"EUR makes advances against weakening USD ahead of key EU meet"},"content":{"rendered":"<p><a href=\"https:\/\/plus.google.com\/111687047260609547765\/posts\">Sinduja Venkat<\/a><\/p>\n<p>Good morning and welcome to today\u2019s foreign exchange market commentary on 20th of May.<b>\u00a0<\/b><\/p>\n<p><b>Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights:<\/b><\/p>\n<ul>\n<li>GBP on bullish outburst<\/li>\n<li>EUR advances ahead of EU meet on fiscal integration<\/li>\n<li>USD on the defensive, up for extended consolidation<\/li>\n<li>Amari says further Yen depreciation could have adverse social effects on Japan<\/li>\n<li>Surprise breakthrough for AUD short-lived<\/li>\n<\/ul>\n<p><b>CURRENCY RATES OVERVIEW\u00a0 <\/b><\/p>\n<p><b>GBP\/EURO \u2013 <\/b>1.1827<br \/>\n<b>GBP\/USD \u2013 <\/b>1.5204<br \/>\n<b>GBP\/CHF \u2013 <\/b>1.4725<br \/>\n<b>GBP\/CAD &#8211; <\/b>1.5626<br \/>\n<b>GBP\/AUD \u2013 <\/b>1.5537<br \/>\n<b>GBP\/ZAR \u2013 <\/b>14.3713<br \/>\n<b>GBP\/JPY \u2013 <\/b>155.7676<br \/>\n<b>GBP\/HKD \u2013 <\/b>11.8016<br \/>\n<b>GBP\/NZD \u2013 <\/b>1.8642<br \/>\n<b>GBP\/SEK \u2013 <\/b>10.1311<\/p>\n<p><i>Mid-market rates as of 2013-05-20 12:46 UTC<\/i><\/p>\n<p><b>Making an international payment? Compare money transfer deals and save 3-5 % on your currency. <\/b>Making an\u00a0<a href=\"http:\/\/www.mycurrencytransfer.com\/\">international money transfer<\/a>? Compare money transfer deals and save 3-5 % on your currency exchange with better-than-bank exchange rates.<\/p>\n<p><b>Key releases in the next 24 hours that may affect currency date:<\/b><\/p>\n<p><b>Australia:\u00a0<\/b>No Data<br \/>\n<b>Europe:\u00a0<\/b>No Data<br \/>\n<b>United Kingdom:\u00a0 <\/b>No Data<br \/>\n<b>New Zealand:\u00a0<\/b>No Data<br \/>\n<b>United States of America:\u00a0<\/b>USD Chicago Fed Nat Activity Index (APR)<br \/>\n<b>China: <\/b>No Data<br \/>\n<b>Canada: <\/b>No Data<br \/>\n<b>Japan: <\/b>JPY Machine Tool Orders (YoY) (APR F)<\/p>\n<p><b>GBP on bullish outburst<\/b><\/p>\n<p>GBP continue on its bullish wave from last week with USD temporarily weakening earlier on. The GBP\/USD advanced further to 1.5217, and the pair is expected to scale greater heights in the coming days as the Bank of England (BoE) drops its dovish tone for monetary policy. BoE Governor Mervyn King held an improved outlook for the U.K. as he sees a \u2018modest recovery\u2019 in the region, and highlighted a greater willingness to normalize monetary policy as the Funding for Lending Scheme continues to work its way through the real economy.<\/p>\n<p><b>EUR advances ahead of EU meet on fiscal integration<\/b><\/p>\n<p>Euro advanced to heights of 1.2877 against the USD overnight as policy makers in Euro Zone discussed ways to eliminate risk in a euro-area breakup. The EUR looks set to consolidate ahead of the important EU meeting on May 22 as the group pushes for increased fiscal integration. As the governments operating under the Euro currency soften their stance on austerity measures, Bundesbank President Jens Weidmann has continued to argue that France must take additional steps to eliminate its budget deficit.<\/p>\n<p><b>USD on the defensive, up for extended consolidation<\/b><\/p>\n<p>USD is struggling to defend itself on Monday session and market participants predict that the reserve currency will continue its consolidation over this week. Although no major economic reports are due today Chicago Fed President Charles Evans will be making a speech today and it remains to be seen if he too will keep up with the trend of Fed officials negating the possibility for any monetary stimulus being offered.<\/p>\n<p><b>Amari says further Yen depreciation could have adverse social effects on Japan<\/b><\/p>\n<p>Following the start of Sunday evening\u2019s trading session USD fluctuated temporarily dropping by 100 points against the Yen following markets Japan Economy Minister Amari\u2019s comments on recent weakness of the Japanese currency. Amari had indicated earlier that if the Yen made further losses it would impact daily life in Japan adversely and it\u2019s the Japanese government\u2019s job to minimize that.<\/p>\n<p><b>Surprise breakthrough for AUD short-lived<\/b><\/p>\n<p>AUD began its descent on the 12<sup>th<\/sup> of April this year against the USD. On May 10th the Aussie saw a surprise jump breaking below the 1.015 level for the first time since June 26th 2012. This breakthrough triggered the leveraged selling of the AUD causing a trade imbalance of currency flows which succeeded in pushing down the AUD further on May 17th.<\/p>\n<p><i>Going on holiday? Compare travel money deals with our sister site mytravelmoney.co.uk<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sinduja Venkat Good morning and welcome to today\u2019s foreign exchange market commentary on 20th of May.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: GBP on bullish outburst EUR advances ahead of EU meet on fiscal integration USD on the defensive, up for extended consolidation Amari says further Yen depreciation could have adverse social effects on Japan Surprise breakthrough for AUD [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[110],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2850"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=2850"}],"version-history":[{"count":4,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2850\/revisions"}],"predecessor-version":[{"id":2855,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2850\/revisions\/2855"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}