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On Friday, the common currency is trying to revive following Thursday’s battering right after the ECB downgraded its surge estimates and failed to persuade financial markets with its initiative for stabilizing the EU economy.
Financial analysts told that notwithstanding the fact the EU’s major financial institution had attempted to get ‘ahead of the game’ with its announcement, but the ECB had only managed to draw attention to the lack of progress in the EU at addressing its structural and institutional flaws.
As a matter of fact, the common currency was worth $1.1206, adding 0.3% from the two-year minimum it reached after ECB Governor Mario Draghi’s press conference. Overnight, it had reached a minimum of $1.1175 that appears to be its lowest outcome versus the evergreen buck for two years.
The common currency also tumbled versus the UK pound notwithstanding a flurry of downbeat headlines around Brexit that generally tend to impact the UK currency.
Tracking the purchasing power of the US currency versus a number of its primary counterparts the USD index was worth 97.428, diving from an overnight peak of 97.595, that turned out to be its highest value since May 2017.
The ECB’s estimate validated market worries of a global economic deceleration, and they were further underpinned by data overnight disclosing a steep dive in China’s exports in January.
Financial markets will look to the monthly American payrolls report just to make sure that all three leading economic blocs aren’t struggling now. Moreover, market participants are also waiting for January data on industrial output from three of the biggest four Eurozone economies – Spain, Italy, and France, while Germany is going to uncover manufacturing orders data for the same month.
Reportedly, the ECB is analyzing the possibility of the change of the current inflation target of "below but close to 2%". It weakened the EUR
What is important today?
USD/SGD rises as the indicators disappoint the market.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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