The official currency of Cyprus is the Euro. The euro strengthened to $1.206 on Friday, not far from Tuesday's seven-week high of $1.207, after a better-than-expected Markit PMI survey showed the Eurozone private sector activity grew in April at the fastest pace since last July, helped by a record expansion of manufacturing production and a rebound in service sector activity. On Thursday, the ECB left monetary policy unchanged and maintained its pledge to increase support if needed, with President Lagarde saying that although inflation has picked up over recent months due to temporary factors, underlying price pressures remain subdued in the context of significant economic slack and still weak demand. She also said that economic activity is expected to rebound firmly in the course of 2021 on the back of progress with the vaccination campaigns and the envisaged gradual relaxation of containment measures.
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 1.20 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.19 in 12 months time.