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On Thursday, the common currency and the UK pound headed south to multi-week minimums versus the firmer greenback because dismal economic data out of the euro zone as well as fears over Brexit put pressure on market sentiment.
Eventually, the currency pair EUR/USD tumbled by 0.1% concluding the trading session at 1.1249, which appears to be the weakest outcome since mid-November. It occurred because of data disclosing that Germany’s GDP stood still in the fourth quarter, following a 0.2% tumble in the previous quarter.
It means the euro zone’s leading economy successfully dodged a technical recession, although it hasn’t managed to expand since June. In fact, the data underlines hopes that the ECB will still be highly accommodative in 2019.
Demand for the US currency persisted after data indicating sustained strength in core American inflation.
While headline American inflation demonstrated its weakest tempo for 1-1/2-years in January, investors closely watched the core price indicator that was soaring for the third month in a row, backing the evergreen buck.
Earlier this year the evergreen buck was impacted by the Fed’s shift to a cautious policy stance. Nevertheless, the latest data hinted that the US major financial institution will require staying vigilant on pricing pressures even as it adjusts to increased surge risks.
The UK currency was on the back foot. The currency pair GBP/USD dipped by 0.14% ending up with a one-month minimum of 1.2824 ahead of a parliamentary vote later in the day on British Prime Minister Theresa May's plan for a deal with the European bloc on the terms of its departure from it. The United Kingdom is expected to depart from the European Union on March 29.
Versus the Japanese yen the evergreen buck was intact, with USD/JPY showing 111.03.
The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?
Great Britain will publish its trade balance for April on June 11, at 09:00 MT time.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
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