On Friday the Euro could have some opportunity to move against the Pound (EUR/GBP), US Dollar (EUR/USD), and Canadian Dollar (EUR/CAD) with a day of data and events scheduled to take place.
Friday morning has begun with the EUR/USD exchange rate trending between levels of 1.17883 and 1.1821. The EUR/GBP exchange rate is trading between the parameters of 0.8724 and 0.8749.
EUR/GBP Exchange Rate Forecast
It’s been a quiet week for economic data, but politics and other global developments have kept currencies moving. The EUR/GBP exchange rate could feel the influence of any other Brexit developments after Thursday’s reports about the UK remaining within the customs union after 2021.
Additionally, Andy Haldane, the Bank of England’s (BoE) Chief Economist is due to speak on Thursday evening which could create some ripples in the market.
EUR/USD Exchange Rate Predictions
In the US there’s only one piece of economic data due to hit markets on Friday in the form of the latest Baker Hughes Rig Count. Additionally, Federal Reserve representatives Kaplan, Brainard, and Mester will all be speaking throughout the day which could offer some chance of USD movement, although it’s unlikely to be monumental.
What could be more significant for the US Dollar on Friday is any further developments with Iran’s nuclear deal or a demand for safe-haven assets should the market enter risk-off mode.
EUR/CAD Exchange Rate Forecast
In North America, the Canadian Dollar could be in for quite a day with the latest Canadian inflation numbers due to reach markets. The Canadian Consumer Price Index is forecast to come in at 2.3% in April on the year, and deviation above or below could impact the way the Loonie trades. Additionally, crude oil has hit $80 per barrel today, and some experts suggest prices might soon start heading towards $90. Any oil developments could have a knock-on effect to the Canadian currency as oil is Canada’s biggest export.
Meanwhile, the Euro will see only a few low-tier economic releases take place on Friday. The German Producer Price Index, Eurozone Current Account and Eurozone Trade Balance stats will all be released but are unlikely to create any major movement.
Thursday’s Interbank Ranges:
EUR/CAD – 1.5050 – 1.5118
EUR/USD – 1.1775 – 1.18374
EUR/GBP – 0.8712 – 0.8752