Europe provided positive data last week that could influence how forex live rates react for the rest of September 2013. One change for the EUR is the favourable vote in European Parliament to establish centralised oversight in the entirety of Europe’s banking sector. About 150 banks in Europe will not be centralised under ECB supervision. The European Central Bank will not be compromised in any way with regards to independence and it will remain protected from any market shocks.
The Forex Live Vote
Details regarding the vote for unification of Europe’s banks took place earlier in the year; however, the actual vote was not made until last week. Forex live data has been released on the vote. The data shows 62 rejected the proposal and 19 abstained from voting. There are 559 total members to vote. Differences in how the ECB would be held accountable postponed the vote earlier in the year. All supervision of the ECB on these banks will not be in place until the second part of 2014. The president of the ECB made a statement about the euro and how it is best for all European economies to join the Eurozone. Draghi also stated that future projects are best suited for more members to join in the use of the euro. Latvia is one country that is about to adopt a single currency at the first of the year. Latvia has used the euro in order to convert to using it as the only currency. The country will be the 18th to do so. Unfortunately many in Latvia are not in favour of adopting the euro in full according to recent forex live survey data.
While some countries would like to join they are held back due to regional industrial production. There are still parameters that must be met by each country before they can join.
Forex Live Industrial Details
The Eurozone has suffered in terms of industrial production. The last stats for factory output showed a decline of 1.5 per cent. This was from June. It did rise slightly, but it was well below the expected results. Data for the euro has not been as positive for the year as the Eurozone would like it to be. Germany has had some issues with growth for the year too, which has created a decline seen in forex live rates.
The trouble in Syria has not helped the euro either. With many feeling less than good about the Syrian issues combined with industrial production reports, investors have headed into safe havens far more in recent weeks. It is expected that the euro will continue to have a push and pull with many of the major currencies with data appearing in forex live news that supports investors concerns. The USD is still in a troubling situation because of Syria, which could mean the euro gains a little. On the other hand the euro may lose just as much to the safe havens as it would gain from investor fear over the USD. It is something to watch for the rest of the year.
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