Economics
Euro Falls Against Dollar on Risk-Off Mood, Non-Farm Payrolls
The euro today fell against the dollar reversing all of yesterday’s gains driven by the risk-off market sentiment after US President Donald Trump tested positive for COVID-19. The EUR/USD currency pair’s decline was further fueled by the weak inflation data from the euro area, which could derail the bloc’s economic recovery. The EUR/USD currency pair today fell from an opening high of 1.1744 in the Australian market to a low of 1.1696 shortly after […]
The euro today fell against the dollar reversing all of yesterday’s gains driven by the risk-off market sentiment after US President Donald Trump tested positive for COVID-19. The EUR/USD currency pair’s decline was further fueled by the weak inflation data from the euro area, which could derail the bloc’s economic recovery.
The EUR/USD currency pair today fell from an opening high of 1.1744 in the Australian market to a low of 1.1696 shortly after that before rallying higher and then falling again.
The currency pair’s performance today was influenced by President Trump’s COVID-19 diagnosis, which shook investors dousing their risk appetite. The markets’ reaction to the news indicates that most investors expected him to win the November 3 US Presidential Election. The release of the preliminary eurozone consumer price index report for September also did not help the single currency. According to Eurostat, the eurozone’s inflation fell 0.3% in September versus consensus estimates of a 0.2% decline. News that the European Commission President Ursula von der Leyen is set to meet Boris Johnson tomorrow had a minimal impact on the pair.
The release of the disappointing US non-farm payrolls report for September by the Bureau of Labor Statistics drove the pair lower, despite missing analysts’ expectations. The upbeat University of Michigan US consumer sentiment survey had a muted impact on the pair.
The currency pair’s performance over the weekend is likely to be affected by US dollar dynamics and tomorrow’s meeting.
The EUR/USD currency pair was trading at 1.1709 as at 15:44 GMT having fallen from a high of 1.1744. The EUR/JPY currency pair was trading at 123.39, having dropped from a high of 123.99.
© SimonMugo for Forex News, 2020. |
Permalink |
No comment |
Add to
del.icio.us
Post tags: Consumer Sentiment, Coronavirus, CPI, Donald Trump, EUR/JPY, EUR/USD, European Commission, Eurozone, Nonfarm Payrolls, Ursula von der Leyen, US Presidential Election
Feed enhanced by Better Feed from Ozh
World is choking on US government debt
Today in finance we have 30-year government bond yields the highest they’ve been in a long time (early 2011 to be precise): This yield is a fundamental…
3 Cryptos That Should Be on Every Investor’s Radar This Fall
The cryptocurrency market is stabilizing overall. What I mean is that crypto is maturing while overall enthusiasm for the asset class continues to find…
AI Stocks to Watch: 3 Names for Your Short List
Artificial intelligence has been the story of 2023. Some will call AI a bubble, and there’s no doubt that some AI stocks are more than a little frothy….
-
News Releases16 hours agoCopper Fox Announces 2023 Third Quarter Operating and Financial Results
-
Economics21 hours agoThe 7 Most Undervalued S&P 500 Stocks to Buy in September 2023
-
Companies12 hours agoResources Top 5: For its first Oz investment, this Hong Kong group sunk $10m into a NSW gold junior worth… $7m
-
Drilling News21 hours agoGoliath Increases Private Placement up to $8,600,000 After Receiving Significant Strategic and Institutional Orders
-
Companies11 hours agoANNOUNCEMENT – Rock Tech Announces Investor Relations Appointment
-
Precious Metals20 hours agoFOMC Leaves Rates Unchanged, Signals Much More Hawkish 2024
-
Economics21 hours agoA High National Debt Can be Bad News, Sort of Like a High Stock Market
-
Economics20 hours agoBeware! 3 Lithium Stocks Waving Massive Red Flags Right Now
