Currency Converter

After the US, Europe is home to most of the developed economies that have a significant impact on global financial markets. There are a total of 31 different currencies that are used across the European continent, quite a few of which feature among the most popular ones that are traded in the forex market. Some of the leading European currencies include Euro, Pound Sterling, Swiss Franc, Russian Ruble, Norwegian Krone, Swedish Krona and Polish Zloty. The EUR is the second most popular traded currency globally, while the GBP also features among the forex majors worldwide.

The exchange rate of European currency pairs experiences significant fluctuation on the release of important economic data, both at the overall Eurozone level as well as in individual, respective countries. Some of the important economic data that can impact the currency rate of European forex pairs include GDP, inflation, retail sales, unemployment rate, PMI readings from manufacturing and services sectors, trade balance, business sentiment and consumer confidence. The currency rate of European forex pairs also experiences ample volatility on the release of respective central bank decisions, such as changes to the monetary policy or interest rates. Among the central banks in the region, the European Central Bank (ECB), the Bank of England (BOE) and the Swiss National Bank (SNB) decisions have the most impact on the forex market and should be watched closely by forex traders.

Disappointing economic data deters investor confidence in a particular economy and weakens the corresponding currency, while better than expected readings for key economic figures serve to strengthen the currencies. In developed markets like Europe, international trade also has an important role in influencing the conversion rate of Euro, GBP, CHF and other currency pairs that include European currencies. Some of the European currencies are also heavily influenced by variations in crude oil prices, for instance the Norwegian Krone, as crude oil is a key export out of Norway. Hence, fluctuations in crude oil prices can also impact the exchange rate of some of the currency pairs listed below.