Common currency rebounds from 21-month minimums

Common currency rebounds from 21-month minimums

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.

Similar

Will the CPI Crash the USD?
Will the CPI Crash the USD?

 The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!

Latest news

The US Dollar Is Correcting
The US Dollar Is Correcting

Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?

Bearish Signal For The USD
Bearish Signal For The USD

XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera