Political uncertainty and three elections last year delayed the plan, drafted after Bulgaria was admitted together with Croatia to the ERM-2 mechanism, a mandatory stage for joining the euro in 2020.
The Euro has rallied quite significantly during the week, as the US dollar had been overbought.
The Euro initially tried to rally during the trading session on Friday but has given back some of the gains as the 50 Day EMA has been massive resistance.
Sector warns ‘multiyear’ assault on profits will ‘drive away investors’ and cut production.
Single-currency traders are buying on expectations of a sooner-than-expected rate hike by the European Central Bank (ECB).
The Euro has rallied a bit during the trading session on Thursday but continues to see a lot of resistance at the 50 Day EMA.
By Geoffrey Smith
The U.S. dollar edged higher in early European trade Thursday, but remained near a one-month low amid concerns aggressive tightening by the Federal Reserve may already be slowing economic growth. The minutes from the early May Fed meeting, released Wednesday, indicated that the central bank policymakers will be sticking to a plan to raise rates by a half-percentage point at its next two meetings starting next month, largely as expected. The scaling back of Fed tightening bets has followed slowing economic growth, with new home sales falling almost 17% last month and retailers reporting disappointing results as consumers scale back discretionary spending as the prices of essentials like food and petrol soar.
Trader reaction to 1.0645 will determine the direction of the EUR/USD into the close on Wednesday.
The Euro has pulled back during the trading session on Monday to show signs of hesitation from the 50 Day EMA.
Sterling was flat against the dollar and rose against the euro on Wednesday, having briefly lost ground against both currencies following publication of a report detailing COVID lockdown-breaching parties at the office of Britain's prime minister. A failure of leadership was to blame for a culture that led to the alchohol-fuelled gatherings being held, the report by senior official Sue Gray said. After its conclusions emerged, sterling fell as much as 0.4% against the dollar but by 1432 GMT was flat at $1.2530.
The pound reclaimed some lost ground against a weakening euro on Wednesday, a day after plunging following weak data and ahead of the expected release of a report into lockdown-breaking parties at Downing Street. Senior civil servant Sue Gray is expected to publish the report on Wednesday, heaping more pressure on Prime Minister Boris Johnson as the country struggles with a slowing economy and decades-high inflation. Data on Tuesday showed a sharp slowdown in British business activity in May, with S&P Global's flash Composite Purchasing Managers' Index slumping to a 15-month low, adding to fears that the economy will slip into recession.
German GDP numbers for the first quarter were in line with the first estimates. leaving the EUR in the hands of consumer sentiment, which disappointed.
The best way to figure out how much life costs us, and how much these costs are rising right now, is to draw up a budget and keep an eye on it.
By Geoffrey Smith