Convert AED to EUR
With the value of the AED being pegged to the US dollar, most of the price action in this currency pair is driven by economic events releasing from the Eurozone and from the US to some extent, including GDP, inflation, trade balance, retail sales, business confidence and industrial production.
Any changes to the monetary policy or interest rates announced by the European Central Bank influence the value of the Euro. For instance, if the ECB hikes interest rates or tightens its monetary policy, the EUR strengthens and causes this forex pair to trade bearish, and vice versa.
The AED/EUR forex pair fell to a low of 0.2211 on 30 December 2020. This was the weakest level this pair traded at during 2020.