The Euro surged above $1.085, reaching its highest level in five weeks, as expectations grow for a convergence in monetary policy between the US and Europe. The European Central Bank is expected to cut rates during its upcoming meeting on June 6, with market forecasts suggesting a potential decrease of approximately 70 basis points over the year. Similarly, speculation is growing that the US will cut rates this year after core inflation slowed in April for the first time in six months. Meanwhile, recent GDP data for the Euro Area confirmed its exit from recession in Q1, and the European Commission's latest forecasts suggest a smooth economic trajectory ahead.
The EURUSD decreased 0.0015 or 0.14% to 1.0873 on Thursday May 16 from 1.0888 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 May 16 of 2024.
The EURUSD decreased 0.0015 or 0.14% to 1.0873 on Thursday May 16 from 1.0888 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 1.06 in 12 months time.