The Euro to US Dollar (EUR/USD) exchange rate has dropped today after the US Change in Non-Farm Payrolls figure for July showed positive growth in the US economy.
‘Greenback’ (USD) gains over all but ‘Aussie’ (AUD) and ‘Kiwi’ (NZD), Stabilisation expected following Announcement
The Euro (EUR) has declined by -0.4% against the US Dollar (EUR/USD) today, after the US Payroll data saw a $215K growth in US incomes, although this figure was lower than last month’s figure as well as below the forecast number. The US Dollar (USD) gained by 0.4% against the Euro (USD/EUR) and the South African Rand (USD/ZAR), and saw a greater rise of 0.6% against the Swiss Franc (USD/CHF). Despite this, the US Dollar was unable to reverse its downtrend against the New Zealand Dollar (USD/NZD) and the Australian Dollar (USD/AUD), seeing a -0.1% and -0.4% fall respectively.
Despite this surge in confidence for the US Dollar, it is expected to dip over the coming hours, as while this news has been encouraging for a potential US interest rate increase, it is by no means a guarantee.
The Euro to US Dollar (EUR/USD) exchange rate has trended in a narrow range ahead of today’s release of the US Change in Non-Farm Payrolls figure for July.
Euro to US Dollar (EUR/USD) Exchange Rate News: Common Currency has Mixed Results and Mixed Performance from German Data
The Euro (EUR) has fallen and risen in equal measure today, although in the key EUR/USD pairing, the common currency has trended narrowly. Gains for the Euro include a 0.2% rise against the Indian Rupee (EUR/INR) and a 0.3% advance against the Swiss Franc (EUR/CHF). The Euro’s losses include a -0.3% fall against the New Zealand Dollar (EUR/NZD) and a greater decline of -0.5% against the Australian Dollar (EUR/AUD).
Results from Germany have been balanced for the Euro’s performance; the monthly Industrial Production figure for June showed a -1.4% decline in the industry, but the nation’s Trade Balance figure for June saw a surplus growth, from €19.5bn to €24bn.
US Dollar to Euro (USD/EUR) Exchange Rate sees Dip for ‘Greenback’ (USD) ahead of Payroll Data
The US Dollar (USD) has dipped in performance today, in the tense hours ahead of the Payroll figure announcement. The figure is set to decide the value of the ‘Greenback’ against its competitors, as any kind of growth will encourage the Federal Reserve to bring in an interest rate hike, possibly as early as September. Any major decline, however, may make the Fed think twice about raising the interest rate so soon.
The US Dollar gained by 0.2% against the Swiss Franc (USD/CHF) and the Indian Rupee (USD/INR) today, but fell by -0.4% against the New Zealand Dollar (USD/NZD) and by -0.6% against the Australian Dollar (USD/AUD)
Euro to US Dollar (EUR/USD) Exchange Rate Forecast: Key US Figure could go either way for Euro’s Fortunes
Forecasts are divided over the outcome of the Payroll figure, so the unimpressive performance of the US Dollar is expected to continue up to the moment the data is released. After this, it will either spike or plummet according to just how far above or below the previous total the current result is.
Current EUR, USD Exchange Rates
The Euro to US Dollar (EUR/USD) exchange rate was trending in the region of 1.0930 and the US Dollar to Euro (USD/EUR) exchange rate was trending in the region of 0.9151 today.