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An Introduction to the Euro Currency Exchange Rate
The Euro with the abbreviation EUR in the forex trade market, is the official currency of the 16 member States of the European Union which are collectively referred to as the Eurozone. Having been introduced to the financial markets all over the world as an accounting currency on 1st January, 1999, the importance of the Euro currency lies in the fact that it is the second largest reserve currency and holds the honor of being the second most traded currency in the world as well trailing behind the US Dollar. The Euro consists of coins and bank notes of various denominations, with 1 Euro being equal to 100 cents, all of which are issued by the European Central Bank.
Evolution of the Euro Currency Exchange Rate
The emergence of the Euro currency exchange rate could be described as an outcome of the concept of economic and monetary unionism which had been burgeoning in the European continent since the first half of the twentieth century. The need underlying this concept could be described as the benefits which could be accrued by all the member countries as a result of coordinating their economic policies and cooperating with each other on the monetary aspect as well. After many unsuccessful meetings, disagreements and arguments, the Euro currency was officially created on 1st January, 1999, and the Euro currency exchange rate was determined by the Council of European Union bearing in mind the conversion rate of the currencies of the participant nations.
The Euro and the Inflation/Deflation
Inflation and deflation are macro economic concepts and in the contemporary era, an economy is considered as being stable if it features low levels of inflation. At the time of its introduction, it was believed that the Euro currency exchange rate would bring about an inflationary trend all across the continent but this fear was soon discarded as being unfounded and baseless when the prices of all major commodities remained the same subsequent to the introduction of the currency. Therefore, although the Euro did cause a bit of inflation in the prices of cheap goods, its over all affect on the inflation has been neutral.
European Central Bank and the Euro
The European Central Bank is responsible for the administrative aspect of the Euro currency exchange rate and discharges its duties from its head quarters in Frankfurt, Germany. This bank is an independent entity and although it is the sole authority in the determination of the monetary policy, it is assisted in its functions of printing, minting and distribution of this currency all across the member States by the Eurosystem, a collective organization consisting of central banks of all the countries in the Eurozone. It is also the duty of the European Central Bank to ensure that most of the member states conform to the monetary and budgetary requirements pertaining to the Euro currency exchange rate and it is to the bank's credit that barring a few exemptions, most of the states have obliged to the stated terms and conditions.
Factors Influencing the Euro Currency Exchange Rate
Since the Euro is a floating currency, meaning that it is not pegged to any other currency, its value is determined by the demand and supply factors. Unlike the other currencies which are country specific, the Euro currency exchange rate is common for a number of countries and therefore the factors influencing it are also spread amongst the member countries rather than emerging from a single country. Therefore, some of the factors determining the value of the Euro are the balance of trade between the Eurozone and the other countries, the rate of inflation prevalent in the region and its status as the reserve currency. The unique nature of Euro can also be understood by the fact that this currency can only be regulated by the European Central Bank and none of the member countries possess the power to manipulate it to suit its individual needs.
Cross Rate Effect
It has been observed in case of the Euro currency exchange rates that its cross rate effect pertaining to a single currency pair often bears a positive or negative influence on the other cross pairs featuring the currency. Hence, a change in the value of EUR/JPY could bring about a change in the value of EUR/USD which in turn affects the currency pair of EUR/CHF. Among all the possible combinations, it is the EUR/USD which is believed to be the most volatile combination since it is vulnerable to change with the slightest change in the political climate.
Euro and the Forex Market
In the forex market, the Euro is known to be particularly influenced by the volatility index wherein lower volatility is indicative of bears market and higher volatility implies a bullish trend. Being the only currency in the world without a country, the Euro is influenced by the decisions of the European Central Bank, particularly policies pertaining to the interest rates. The most active trading hours for this currency in the forex market lie during the time of London Open, the Economic releases and also the US Economic Releases and the currency pair of EUR/USD is the pair which is most actively traded by forex traders all over the world. This pair is also known to be extremely volatile in the forex market when it is time for the European and US economic releases.
The Euro is the currency of Eurozone, the second largest economy in the world with Germany being the largest and the most important country within the zone. The position of the Euro currency exchange rate in the financial markets can be adjudged from the fact that a strong Euro makes European imports cheaper and exports more expensive for foreign buyers and vice versa. Therefore, the mode of investment followed by most of the investors in Euro is by buying the Euro and holding it by taking position in the European export market and also with companies which trade heavily with a member nation of the Eurozone.
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