The euro was little changed below $1.13 on Friday, having touched a one-month high of $1.137 in the previous session, after the Irish finance minister Paschal Donoghoe was elected as the new president of the Eurogroup, defeating candidates from Germany and France. EU leaders will meet in Brussels next week to discuss the recovery plan from the COVID-19 crisis and a new long-term EU budget. On the monetary policy front, while ECB President Christine Lagarde signaled the central bank may keep monetary policy unchanged for some time, while Bloomberg survey predicted an increase in the ECB’s €1.35 trillion pandemic purchase program by December, with most expecting an extension and a top-up of €500 billion. Earlier in the week, the European Commission downgraded its economic forecasts for the region to show a deeper 8.7% contraction in 2020.
Historically, the Euro Dollar Exchange Rate - EUR/USD reached an all time high of 1.87 in July of 1973.The euro was only introduced as a currency on the first of January of 1999. However, synthetic historical prices going back much further can be modeled if we consider a weighted average of the previous currencies. Euro Exchange Rate - EUR/USD - Cyprus - data, forecasts, historical chart - was last updated on July of 2020.
The Euro Dollar Exchange Rate - EUR/USD is expected to trade at 1.13 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.11 in 12 months time.