The Euro to USD exchange rate fell to its lowest level in over a month on Friday as Thursday’s comments by European Central Bank President Mario Draghi continued to weigh and as US jobs data showed an increase in job creation in March.
Early in the session the Euro found support after data out of Germany showed that factory orders in the Eurozone’s largest economy increased more than expected in February. Orders increased by 0.6%, exceeding expectations for a rise of 0.1%.
Despite that positive report the Euro was unable to push higher.
The afternoon saw the release of the eagerly anticipated nonfarm payrolls report out of the USA. The data disappointed economists but still provided support as it showed that the world’s largest economy is still improving, albeit at a slower pace than forecast.
According to the US Labour Department the US economy created 192,000 jobs in March, lower than the hoped for rise of 200,000. Taking the sting off of the weaker than expected data was the upwards revision of previous reports. Februarys figure was revised upwards to 188,000, up from the original figure of 162,000.
The Euro remained under pressure as comments made by ECB President Mario Draghi whotalked down the threat of deflation in the Eurozone. He also added that the ECB has not ruled out further policy action, including quantitative easing.
The Euro was also weaker against the GBP, CAD, AUD and NZD.
Current Euro Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Euro,,US Dollar,1.3711 ,
Euro,,British Pound,0.8260 ,
Euro,,Australian Dollar,1.4827 ,
Euro,,Canadian Dollar,1.5050 ,