The Euro (EUR) has declined by -0.2% against the US Dollar (EUR/USD) today, primarily because the US Change in Non-Farm Payrolls figure has risen above expectations to 211k, something that has seen some economists essentially guarantee a Fed interest rate hike occurring on December 16th.
Euro may Recover on Monday with German Data, Fed Speech to Cause US Dollar Movement Also
The Euro (EUR) will next be affected by Monday’s German Industrial Production figures for October, which had no predictions at the time of writing but previously came in at -1.1% on the month and 0.2% on the year. The US Dollar (USD) could jump up again in a repeat to today’s movement when Fed official James Bullard gives a speech on monetary policy in the evening.
The Euro to US Dollar (EUR/USD) exchange rate has declined modestly today, a fact shared across most of the single currency’s various currency pairings.
EUR/USD Exchange Rate News: Yesterday’s ECB Actions set the Stage for a Red Euro Christmas
The Euro (EUR) has, for the most part, declined across the board today, falling by -0.3% against the Canadian Dollar (EUR/CAD), the Pound Sterling (EUR/GBP) and the US Dollar (EUR/USD). The only real recorded rise has been by 0.2% against the Swiss Franc (EUR/CHF).
The main reason for the Euro falling in this way has been that yesterday’s underwhelming ECB policy decisions, announced by ECB President Mario Draghi, have finally caught up with investors in the common currency. The Euro initially jumped up when Draghi announced less severe cuts than had been expected, but has since dived following the realisation that this soft-touch approach is unlikely to solve the currency bloc’s problems any time soon.
US Dollar Recovers against Euro (USD/EUR) Today ahead of Major US Economic Publications
The US Dollar (USD) has advanced by 0.3% against the Euro (USD/EUR) today, something brought about by a rapid recovery of the ‘Greenback’ against its rivals following yesterday’s major downtrend, inspired by the strong Euro (EUR). In other pairings, the US Dollar has risen by 0.3% against the Polish Zloty (USD/PLN) and 0.5% against the Swiss Franc (USD/CHF).
The US Dollar has major economic data due out today, but has otherwise been affected by yesterday’s delivery from Fed Chair Janet Yellen, who was optimistic for US economic recovery but cited foreign economic slowdowns as a limiting factor on the Fed’s policymaking decisions.
EUR/USD Exchange Rate Forecast: No Notable Eurozone Data Remaining, Glut of High-Profile US Releases Impending
The Euro (EUR) is unlikely to move much further today on its own volition, given that all of the major Eurozone economic publications have now come out.
The largest remaining US announcements today will be the US Unemployment Rate and Change in Non-Farm Payrolls figures for November, which are scheduled for release this afternoon. At the time of writing, forecasts were for no change from the current 5% for the Unemployment Rate, but a printing of 200k has been forecast for the other high-impact result. For context, the previous result in this field was 271k.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0890 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9186 today.