Analysis of recent euro → dollar forecasts for 2024. We collate forecasts from respected FX analysts together with the latest Euro to US dollar performance and trends.
Forecasts for EUR to USD
Recent forecasts for the EUR to USD exchange rate indicate a complex dynamic influenced by both local and global economic factors. As the euro (EUR) has gained some support amidst a subdued market sentiment, concerns regarding the Eurozone economy remain prevalent. FX analysts note that while the euro is currently buoyed by heightened risk aversion, due to factors such as the ongoing Russia-Ukraine conflict, it is also facing significant headwinds. A report released today is expected to reveal a contraction in Eurozone industrial production, which could serve as another hurdle for the euro, particularly as optimism around the euro's performance has waned significantly. Expectations that the euro could drop to parity with the US dollar have emerged from several prominent financial institutions, including Pictet and TD Securities, who predict a grim trajectory for the single currency.
On the other hand, the US dollar (USD) has recently surged, buoyed by robust inflation readings that exceeded market expectations. Economists highlight that stronger inflation figures have fueled speculation about the Federal Reserve being less aggressive on future interest rate cuts, which has enhanced the appeal of the US dollar. This sentiment is reinforced by the political landscape, where the incoming Trump administration's pro-business policies are set to drive inflation and heighten currency volatility through potential tariffs and trade disruptions. Consequently, the USD's strength has seen the euro manner fluctuating at the higher end of its recent 14-day price range near 1.0496, just above its 3-month average of 1.0425. Any significant shifts in the price of Brent Crude oil, which has exhibited volatility within a 15.7% range recently, could further impact the euro, as the currency often reacts to changes in global commodity prices. Overall, the forecast remains cautious as currency strategists brace for potential challenges that could see the euro further weaken against the dollar in the coming months.
1.0496We compare provider deals to this wholesale mid-market rate. Read more
USD
▲+0.3% since yesterday
14d-highs
EUR to USD is at 14-day highs near 1.0496, just 0.7% above its 3-month average of 1.0425, having traded in a very stable 3.7% range from 1.0217 to 1.0594
Exchange rates can vary significantly between different currency exchange providers, so it's important to compare
Euro (EUR) to US dollar (USD) rates from different sources before making a conversion.
Use our
EUR to USD calculator to see how much you could save on your international money transfers.
makes it easy to compare the Total Cost you are being charged on Euro to Dollar currency rates and the possible savings of using various providers.
It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.
To help with this you can add EUR/USD to your personalised Rate Tracker to track and benefit from currency movements.
Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more