Exchange rates and converters
News from money markets
After a series of first quarter economic disappointments, last week’s financial news provided much needed ammunition for optimism. The latest new and existing home sales numbers indicated the housing market is healing while the slight uptick in durable goods orders stopped that data series’ recent set of declines. The markets rallied as a result, printing at or close to new highs. The market’s technical picture, however, is still unconvincing; the SPYs chart looks like a short term top while the Transports and Dow’s failure to confirm
This week, let’s start with Japan, where news continued to point to a modest though uninspiring expansion. Governor Kuroda said as much in his Semiannual Currency and Monetary Control Report:
Monthly reports for March included a decline in new home sales from an upwardly revised post-recession high in February, and a new post-recession high in existing home sales. Durable goods as a whole were up, but "core" durable goods were down for the 6th month in a row.
The dollar was mixed in N.Y. trade on Friday, losing ground to the yen and pound, while rallying versus the CAD, and staying choppy against the euro. Uncertainty over the Greece crisis outcome has been pushed back again, as no agreement was reached at the latest Eurogroup meeting. EUR-USD as a result was rather rudderless on Friday, meandering between 1.0805 and 1.0879 through the session. Disappointing durable goods data and softer yields did the dollar no favors either, though an earnings inspired Wall Street rally kept risk levels somewhat elevated.
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