“We believe the risk-reward balance for the dollar today is skewed to the downside, as some stabilisation in sentiment would open the door to at least partially re-link with
decreasing forecasts for Fed rates. ING
After the US Dollar continued to decline on Wednesday, April 26, the exchange rate between the Euro and the US Dollar euro to dollar tested a new 2023 annual high.
The price of euro to dollar at the moment of updating is $1.1056.
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Where Will euro to dollar (EUR) Exchange Rates Go From Here ?
The European Central Bank’s (ECB) rather hawkish policy outlook will support the Euro against the US Dollar in the short term, according to Scotiabank’s foreign exchange strategists.
The euro has benefited from the ECB’s consistent calls for higher interest rates, and reports point to a potential 25 basis point increase in May.
The fact that “ECB policymakers continue to push the higher rate message,” as noted by Shaun Osborne, Chief FX Strategist at Scotiabank, shows that more needs to be done.
In an interview with a local newspaper, ECB Governing Council member Vujcic said the bank would continue raising rates unless core inflation patterns changed.
Outlook for the Euro to Dollar Exchange Rate (EUR/USD) :- Short-Term Technicals
According to Osborne, the EUR/USD exchange rate’s short-term technicals are “neutral/bullish,” with the Euro currency moving with a clear tilt.
Although he notes that “the underlying trend remains constructive,” he issues a warning that the recent steep decline from the upper 1.10s may have an effect on the charts for the near term.
To completely minimise the dangers of a dip in the near term, the EUR/USD currency must surpass the most recent levels at 1.1065/75.
“Solidly bullish trend momentum suggests risks are tilted towards firm support on modest weakness and new cycle highs towards 1.12,” claims Osborne.
Hawkish ECB Position Supports EUR
The ECB’s hawkish policy outlook is blamed for the strength of the Euro exchange rate during declines.
The euro is anticipated to continue to be supported against the US dollar as ECB officials emphasise increased interest rates.
In his statement, Osborne said that “the relatively hawkish policy outlook will keep the EUR underpinned on dips.”
According to Francesco Pesole, FX Strategist at ING, “EUR/USD continues to hover around the 1.1000 mark,” and he thinks that if risk sentiment stabilises, the currency pair may gain new support.
This would provide the EURUSD exchange rate a chance to re-establish a favourable rate difference, perhaps strengthening the Euro relative to the US Dollar.
What will the euro to dollar ratio be in 2023 ?
The Outlook for Major Currency Pairs until 2023
According to forecasts, the euro to dollar will peak 1.10 in March 2023 before falling to 1.08 in September 2023 and remaining there in December 2023.
Will the euro to dollar exchange rate increase or decrease ?
By the conclusion of this quarter, analysts and global macro models for Trading Economics predict that the Euro Dollar Exchange Rate will trade at 1.08. Looking ahead, we predict it will trade at 1.03 in a year.
Why does the euro to dollar increase ?
Because the euro is strengthening or the dollar is weakening, the euro to dollar exchange rate may rise. Either circumstance causes the rate (price) to increase, which causes an equal increase in the price chart.
What is the black market price of a dollar ?
According to two sale rates given by users as comments, the dollar to naira exchange rate in Nigeria’s black market is between 760 and 760 with an average of 760.00 today, May 25, 2023.
What does 100,000 dollars cost on the black market ?
$100,000.00 is worth 46,066,726.70 (NGN) as of 21:00 UTC, which is forty-six million, sixty-six thousand, seven hundred twenty-six naira, and 70 kobos. To convert USD against the NGN currency pair, we use mid-market exchange rates. The exchange rate right now is 460.6673.