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Foreign Currency Forecast for Euro – Euro recovery expected to continue

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The Euro jumped to a session high against the Swiss Franc, after Swiss National Bank chief Thomas Jordan said the Franc cap would remain in place and that he expected the currency to ease against the Euro.

“What stands out is that it seems as if Japan and to some extent Switzerland could still get away with the current policy mix by arguing that they are pursuing domestic policies and that currency weakness is just the side product of this,” Citi’s Marinov said.

The Euro also strengthened against the majority of its peers after Spanish and Italian bond sales inched upwards due to domestic buyers taking advantage of the recent sell-off earlier in the day.

The Eurozone continues to shrug off a number of political issues, but remains vulnerable to uncertainty across the region. In Spain the yield of its bonds was lower as Spanish Prime Minister Mariano Rajoy continues to face calls for him to resign in the wake of a corruption scandal. Spanish 10-year yields fell 6 basis points on the day to 5.38 percent, having risen to a seven-week high around 5.55 percent last week as Madrid fought to shake off the scandal, in which Rajoy denies wrongdoing

Italy’s bond yields were also down due to continued uncertainty over the outcome of the upcoming elections. Former Prime minister Silvio Berlusconi’s comeback in the polls and the rise of ex-comedian Beppe Grillo has spooked investors.

Current Euro exchange rates

As of 12:05 pm

The Euro to Pound Sterling exchange rate is currently trading in the region of 0.8615

The Euro to US Dollar exchange rate is currently trading in the region of 1.3447

The Euro to Australian Dollar exchange rate is currently trading in the region of 1.3120

The Euro to New Zealand Dollar exchange rate is currently trading in the region of 1.6102

The Euro to Canadian Dollar exchange rate is currently trading in the region of 1.3544

The Euro to Emirati Dirham exchange rate is currently trading in the region of 4.9384

The Euro to Swiss Franc is currently trading in the region of 1.2334

The Euro to Japanese Yen exchange rate is currently trading in the region of 126.6232