Highlights of the latest Market Research release on EUR.
Full research available here.
After rather flat pre-Christmas week for the single European currency, during January 2-8 time period the Euro declined rather considerably as it registered the third strongest fall among major currencies. During the first day of the period on Friday the Euro traded just above the baseline, but on Monday it slid below the zero level and remained there until January 8. On overall, the shared currency lost 1.16% in one week, even though the worst performer used to be the British pound which plunged 1.98%. New Zealand’s and Japanese currencies, however, gained the most by rising 1.83% and 1.71%, respectively.
Except the weekend on January 3-4, volatility of the Euro used to hover around the normal level for the vast part of the period. Some local spikes in turbulence were observed on Tuesday and Wednesday along with many economic events across all regions, which drove the single currency in different directions, thus creating uplifted activity on the market. In Spain, Italy, United Kingdom and United States - services PMI were released and on aggregate showed a negative tendency (all except Spanish). On Tuesday, Australian statistical authorities have also published much better than forecasted numbers on trade balance in November.
As was seen in both Currency and Volatility Indexes, the single currency alone was not the catalyst of the market throughout the period, since that many data from all over world were released. The observation was well supported by the Euro significance measure, that spent the period on a very feeble level at all time except January 8 and had a low average value. As usually, the correlation between the Euro pairs were relatively low and this week the components of the composite were concentrating around the zero; however, only at the very end of the period correlations spiked up to 0.35.
Full research available here.
After rather flat pre-Christmas week for the single European currency, during January 2-8 time period the Euro declined rather considerably as it registered the third strongest fall among major currencies. During the first day of the period on Friday the Euro traded just above the baseline, but on Monday it slid below the zero level and remained there until January 8. On overall, the shared currency lost 1.16% in one week, even though the worst performer used to be the British pound which plunged 1.98%. New Zealand’s and Japanese currencies, however, gained the most by rising 1.83% and 1.71%, respectively.
Except the weekend on January 3-4, volatility of the Euro used to hover around the normal level for the vast part of the period. Some local spikes in turbulence were observed on Tuesday and Wednesday along with many economic events across all regions, which drove the single currency in different directions, thus creating uplifted activity on the market. In Spain, Italy, United Kingdom and United States - services PMI were released and on aggregate showed a negative tendency (all except Spanish). On Tuesday, Australian statistical authorities have also published much better than forecasted numbers on trade balance in November.
As was seen in both Currency and Volatility Indexes, the single currency alone was not the catalyst of the market throughout the period, since that many data from all over world were released. The observation was well supported by the Euro significance measure, that spent the period on a very feeble level at all time except January 8 and had a low average value. As usually, the correlation between the Euro pairs were relatively low and this week the components of the composite were concentrating around the zero; however, only at the very end of the period correlations spiked up to 0.35.