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Today's Forex News

USDCAD: Rising Opportunity

In the Daily timeframe, USDCAD is in a long-term bullish trend, and the price has fallen to the trend line. Despite a minor correction, the price bounced off the trend line and is testing an important resistance area.Action Forex2024-06-21

Technical Analysis – USDCAD bears could remain in control

The technical picture, however, suggests that the bears have more to accomplish. Thursday's close below the 20- and 50-day simple moving averages (SMAs) and the drop back into the short-term falling channel could raise fresh selling interest in the coming session.XM2024-06-21

Pound Canadian Dollar End-of-Week Forecast: GBP/CAD Rate Slips amid Dovish BoE Rate Decision

At the time of writing, GBP/CAD traded at around CA$1.7366, a fall of just under 0.4% from Thursday's opening levels. The Pound (GBP) came under pressure on Thursday in the wake of the Bank of England's interest rate decision.ExchangeRates2024-06-21

EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Gains Ground As Composite PMI Beats Expectations

The American currency tests multi-week highs as traders focus on the strength of the U.S. economy.FXEmpire2024-06-21

USD/CAD Price Analysis: Extends its upside on unexpectedly robust preliminary US PMI growth

The USD/CAD pair recovers strongly from 11-day low near 1.3670 in Friday's American session. The Loonie asset bounces back as the US Dollar (USD) extends its upside after the US S&P Global PMI data for June shows that the Composite PMI surprisingly outperformed expectations that were pointing to slowdown in activity.FX Street2024-06-21

USD/CAD: Second consecutive weekly gain is on the cards – Scotiabank

The Canadian Dollar (CAD) is little changed on the session after edging through the upper 1.3600s in overnight trade, but it is having a decent week relatively speaking, Scotiabank's Chief FX Strategist Shaun Osborne notes.FX Street2024-06-21

Additional News:

USD/CAD finds cushion slightly below 1.3700 ahead of US PMI and Canadian Retail Sales

The USD/CAD pair rebounds strongly after sliding slightly below the crucial support of 1.3700 in Friday's European session. The Loonie asset recovers as the US Dollar (USD) exhibits strength on prospects that the Federal Reserve (Fed) will lag behind its peers in an attempt to commence its policy-easing process.FX Street2024-06-21

The Euro: A Historical Perspective

The Euro, symbolized as EUR (€), is the official currency of the Eurozone, a monetary union consisting of 19 of the 27 member states of the European Union (EU). The history of the Euro is a fascinating narrative that mirrors the economic, political, and social evolution of the European continent.

The idea of a single European currency dates back to the post-World War II period, when European leaders sought to promote economic integration as a way to prevent future wars. However, it wasn't until the 1990s that the idea began to take shape.

The Maastricht Treaty, signed in 1992, laid the groundwork for the Euro. It set out the criteria for Eurozone membership, including price and exchange rate stability and sound public finances. The treaty also established the European Central Bank (ECB) and the European System of Central Banks.

The Euro was officially launched on January 1, 1999, when 11 EU member states irrevocably locked their exchange rates and handed over their monetary policy to the ECB. However, the Euro was initially a "virtual" currency used only for electronic payments and accounting purposes, while national currencies continued to circulate in physical form.

Euro banknotes and coins were introduced on January 1, 2002, and national currencies were gradually phased out. The introduction of the Euro banknotes and coins was one of the largest monetary changes in history, affecting hundreds of millions of people.

The Eurozone has since expanded to include 19 countries. The Euro has become the second most traded currency in the world after the U.S. Dollar and the second largest reserve currency.

The Euro has faced significant challenges since its inception. The global financial crisis of 2008 and the subsequent Eurozone debt crisis exposed structural weaknesses in the Eurozone's architecture. These crises led to high unemployment and recession in several Eurozone countries and required international bailouts for Greece, Ireland, Portugal, Spain, and Cyprus.

In response to the crisis, Eurozone leaders implemented a series of reforms, including stricter fiscal rules, a banking union, and new mechanisms for financial stability. The ECB also played a crucial role in stabilizing the Euro through unconventional monetary policies, including negative interest rates and large-scale asset purchases.

Despite these challenges, the Euro has contributed to economic stability in the Eurozone by eliminating exchange rate fluctuations and promoting economic integration. It has also facilitated travel and trade among Eurozone countries and played a significant role in shaping the global monetary system.

In conclusion, the history of the Euro reflects the broader economic and political history of Europe. From its origins in the aftermath of World War II to its role in the modern European economy, the Euro embodies the economic transformations that have shaped Europe. As Europe continues to evolve, the Euro will undoubtedly continue to play a crucial role in the continent's economic narrative. The future of the Euro will be shaped by how effectively the Eurozone navigates its economic challenges and capitalizes on its opportunities. As we look to the future, the Euro, like Europe itself, stands at the threshold of potential and promise.

The Indonesian Rupiah: A Historical Perspective

The Indonesian Rupiah, symbolized as IDR, is the official currency of Indonesia, the world's largest archipelago nation. The history of the Rupiah is a fascinating narrative that mirrors the economic, political, and social evolution of Indonesia.

The term "Rupiah" is derived from the Indian Rupee, reflecting the historical influence of Indian traders on the Indonesian archipelago. However, the modern Rupiah has its roots in the tumultuous period of World War II and Indonesia's struggle for independence.

During the Dutch colonial period, the Dutch East Indies guilder was the currency of Indonesia. However, this changed during World War II when the Japanese occupied Indonesia and introduced the Japanese-issued Netherlands Indies Roepiah. The Roepiah was a fiat currency with no backing, leading to hyperinflation.

Following Indonesia's proclamation of independence in 1945, the new government faced the daunting task of establishing a national currency. In 1946, the government introduced the Indonesian Rupiah, issued by Bank Indonesia, the country's central bank. However, the early years of independence were marked by political instability and economic challenges, leading to inflation and a depreciation of the Rupiah.

In the 1950s and 1960s, Indonesia implemented a series of economic plans aimed at promoting economic development and self-sufficiency. However, these policies, combined with political instability, led to economic stagnation and high inflation.

The New Order regime, which came to power in 1966, implemented a series of economic reforms aimed at stabilizing the economy. These included devaluing the Rupiah, reducing inflation, and promoting foreign investment. In 1971, the government carried out a redenomination, replacing the old Rupiah with the new Rupiah at a rate of 1 new Rupiah = 1000 old Rupiah.

The 1980s and 1990s were a period of economic growth for Indonesia, with the Rupiah remaining relatively stable. However, the Asian Financial Crisis of 1997-1998 hit Indonesia hard, leading to a severe depreciation of the Rupiah and an economic recession.

In response to the crisis, Indonesia implemented a series of economic reforms, including floating the Rupiah, reforming the banking sector, and promoting transparency and accountability. These reforms, supported by the International Monetary Fund, helped stabilize the Rupiah and restore economic growth.

In the 21st century, the Indonesian Rupiah has faced challenges from global economic volatility and domestic economic issues, including infrastructure deficits and corruption. However, Indonesia's robust economic growth and its status as a major emerging market have helped bolster the Rupiah.

In conclusion, the history of the Indonesian Rupiah reflects the broader economic and political history of Indonesia. From its origins in the aftermath of World War II to its role in the modern Indonesian economy, the Rupiah embodies the economic transformations that have shaped Indonesia. As Indonesia continues to evolve, the Indonesian Rupiah will undoubtedly continue to play a crucial role in the country's economic narrative. The future of the Rupiah will be shaped by how effectively Indonesia navigates its economic challenges and capitalizes on its opportunities. As we look to the future, the Indonesian Rupiah, like Indonesia itself, stands at the threshold of potential and promise.