The Euro soared past $1.08, benefiting from a general dollar weakness after inflation figures in the US came below forecasts. Meanwhile, the Fed kept rates steady as expected, and signaled only one rate cut this year and four reductions next year, less than market expectations for 2024. The common currency was already rebounding from five-week lows touched on Tuesday, as concerns about the political situation in France momentarily eased. President Macron denied rumors of resignation if his party performs poorly in upcoming legislative elections. Macron's call for a snap election was a response to the far-right's win in the European Parliament election, raising concerns among investors about France's economic and fiscal future. Meanwhile, the European Central Bank delivered its first rate cut in five years last week, but adopted a cautious approach towards additional cuts.
The EURUSD decreased 0.0008 or 0.07% to 1.0805 on Thursday June 13 from 1.0813 in the previous trading session. Historically, the Euro US Dollar Exchange Rate - EUR/USD reached an all time high of 1.87 in July of 1973.The euro was only introduced as a currency on the first of January of 1999. However, synthetic historical prices going back much further can be modeled if we consider a weighted average of the previous currencies. Euro US Dollar Exchange Rate - EUR/USD - data, forecasts, historical chart - was last updated on June 13 of 2024.
The EURUSD decreased 0.0008 or 0.07% to 1.0805 on Thursday June 13 from 1.0813 in the previous trading session. The Euro US Dollar Exchange Rate - EUR/USD is expected to trade at 1.08 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.07 in 12 months time.