Forex Signals – Euro to US Dollar
Euro to US Dollar (EUR/USD) Exchange Rate Steady as Eurozone Faces Increasing Uncertainty
The Euro to US Dollar (EUR/USD) exchange rate held steady today, with the pairing currently trading around $1.164.
The Euro (EUR) struggled to gain against the ‘Greenback’ today despite a relatively strong German IFO Business Climate survey for September, which rose from 92.6 to 93.4.
However, with the Eurozone’s largest economy facing high levels of uncertainty as Europe’s Covid-19 infection rate creeps higher, today’s report failed to buoy the single currency.
Carsten Brzeski, the Chief Economist for the Eurozone and Global Head of Macroeconomics, commented on the report:
‘Looking ahead, after the strong rebound in the third quarter, the German economy has already entered the next stage of the recovery.’
Forex Signals – Euro to US Dollar
‘This is the stage at which the mechanical rebound due to lifted lockdown measures comes to a halt and at which the more structural face of the Covid-19 crisis surfaces. This is the stage at which companies start to realise that social distancing and local lockdowns are here to stay for a while.’
Today also saw the release of the French Business Climate for Manufacturing survey for September.
Although the figure rose to 96, concerns linger over whether the Eurozone will quickly re-enter a recession as Covid-19 rates continue to climb.
Emerging Currencies Under Threat From Covid-19
US Dollar (USD) Rises as Risk-Sentiment Sours on Rising Covid-19 Cases
The Surge in EUR/USD is Over Now
Forex Signals – US Dollar Up After COVID-19 Recovery
Today also saw the release of the latest US Initial Jobless Claims, which fell to 878.25 thousand on a four-week average.
EUR/USD Forecast: Could Rising European Covid-19 Infections Drag Down the Single Currency?
US Dollar (USD) investors will be awaiting tomorrow’s release of August’s US Durable Goods orders.
If these confirm consensus and fall to 1.5%, then we could see the ‘Greenback’ further benefit as uncertainty grows for the global economy.
Furthermore, any indications of worsening US-China trade relations could also further increase demand for the safe-haven ‘Greenback’.
Euro (EUR) traders will be keeping a close eye on Europe’s coronavirus developments. If these continue to increase, then the EUR/USD exchange rate could fall.
Forex Signals – The U.S. dollar was down
Forex Signals – Euro to US Dollar
About The Author: Forex Signals
Telegram Forex Signals FX including Opening Forex Accounts. Subscribe now for major pairs Forex Trading Signals Today by FxPremiere Telegram Forex Signals FX
More posts by Forex Signals