The euro exchange rate MT5

The euro exchange rate The euro (EUR) is the official currency of the eurozone, which includes Germany, Austria, France, Italy, Spain, Portugal, Ireland, Belgium, the Netherlands, Luxembourg, Malta, Slovakia, Slovenia, Finland, Greece, and Cyprus. The euro is also a currency unit in 9 countries 7 of which are situated in Europe.

Initially, the euro was planned to be the common currency for the European Economic Community. It was introduced in 1999 to replace the European Currency Unit ECU. Today, it is the world’s reserve currency along with the US dollar. The European Union is one of the world’s three most powerful economic forces. According to the latest data, the euro is one of the most traded currencies on Forex. It is used in more than 40% of all deals.

The main factors affecting the European currency rate are the following:

  • The eurozone macroeconomic indicators

  • Manufacturing production data

  • GDP data

  • Money supply

  • Consumer price index

  • International trading data

  • Employment data

  • Ifo data (Ifo Institute for Economic Research at the University of Munich)

  • The US dollar rate fluctuation

However, the European Central Bank has the most significant influence on the euro. The ECB implements and maintains the monetary policy in the European Union. It also executes foreign exchange transactions, keeps and manages the official foreign reserves of the member states. Thus, the announcements of the ECB’s representatives have positive or negative impact on the euro. That is why, while trading the currencies paired with the euro, traders keep finger on the pulse of the news releases.

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