The official currency of Cyprus is the Euro. The euro bounced back above $1.19 on Wednesday, having touched its strongest level since March 18th, after ECB Vice President Luis de Guindos told the European Parliament's committee on monetary affairs that the central bank will act on any "detrimental" rise in borrowing costs until the coronavirus pandemic is over. The policymaker also said that broad economic activity should pick up strongly in the second half of this year thanks to vaccinations, the easing of confinement measures and monetary and fiscal policy support in both the Euro Area and the rest of the world. At the same time, uncertainty remains high and the recovery is expected to be fragile, with GDP only reaching its pre-crisis level in the second quarter of 2022. The euro hit a five-month low of $1.17 at the end of March, due to the extension of restriction measures across the bloc, rising COVID-19 cases and vaccine delays.
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 April of 2021.
The Euro Dollar Exchange Rate - EUR/USD is expected to trade at 1.19 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.18 in 12 months time.