The euro depreciated to $1.127 on Tuesday after the European Commission lowered its GDP forecasts for 2020 and 2021, with the Eurozone economy seen contracting by a deeper 8.7% this year, before rebounding by a weaker 6.1% in 2021. Among the bloc's largest economies, Italy, Spain and France should all shrink more than 10%, while Germany's GDP will probably drop by 6.3%. In addition, latest data showed Germany's industrial production rebounded less than forecast in May. At the same time, a surge in coronavirus cases supported demand for the dollar.
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 - Malta - 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.