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Massive Downtrend in EUR-USD Exchange Rate Today as Eurozone News Misses Predictions
Published: 4 Nov at 4 PM Tags: Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Euro Crisis, Exchange Rates, France,
Euro Hindered by PMI Decline Today, US Dollar Rises on Better-than-Expected ISM Score
A major upset has occurred with today’s predictions for the Eurozone Composite and Services PMIs for October; not only have the Italian and French results mostly risen above estimated figures, but the more impactful German and overall Eurozone results have declined against expectations of stagnation in all four areas.
This devalued the Euro considerably and a speech by European Central Bank (ECB) President Mario Draghi on the establishment of a single supervisory mechanism (SSM) for the Eurozone failed to inspire any enthusiasm in the Euro’s immediate future prospects.
On the US side of things, the US Dollar has performed exceptionally well on the news that the US ADP Employment Change for October has exceeded forecasts by posting a 180k person rise, 2k over the predicted amount, while the ISM Non-Manufacturing Composite for the same month has also risen from 56.9 to 59.1; expectations had been for a small decline to 56.5.
Speeches from Federal Reserve officials have also supported the gains of the ‘Greenback’ today, particularly with Regard to the words of Fed Governor Lael Brainard, who indicated her stance by saying: ‘the domestic outlook is an encouraging one’.
Along a more familiar line, Brainard emphasised the Fed’s reliance on data results before the crucial could be made, stating: ‘there is a clear framework for out monetary policy going forward.
It remains very dependent on how incoming data shapes our outlook’. Suffice it to say, the rally seen by the ‘Buck’ today is at least in part due to Brainard’s words combining with a highly beneficial result from the day’s domestic data.
The US Dollar has risen to 0.9209 against the Euro today, while the Euro has conversely slumped against the US Dollar at a rate of 1.0861.
EUR-USD Future to be Determined by Fed Speeches, German Economic Publications
Although the US Dollar has already been affected in the pairing by Fed speeches, more are due before the day is out in the form of deliveries from William Dudley and Stanley Fischer tonight.
Although there is still over a month until the Fed’s last Interest Rate Decision this year on December 16th, investors are clearly already gearing up to study words from Fed members as signs of their likely intent when the opportunity for a rate hike comes around.
With that in mind, speculators will naturally be hoping for tones of a hawkish, rather than dovish nature.
Tomorrow will open with the Euro’s contributions to the exchange rate as further German data is due out in the form of the Factory Orders for September and the Markit Construction and Retail PMIs for October.
In addition to these, French, Italian and Eurozone PMIs are also due for release.
A major upset has occurred with today’s predictions for the Eurozone Composite and Services PMIs for October; not only have the Italian and French results mostly risen above estimated figures, but the more impactful German and overall Eurozone results have declined against expectations of stagnation in all four areas.
This devalued the Euro considerably and a speech by European Central Bank (ECB) President Mario Draghi on the establishment of a single supervisory mechanism (SSM) for the Eurozone failed to inspire any enthusiasm in the Euro’s immediate future prospects.
On the US side of things, the US Dollar has performed exceptionally well on the news that the US ADP Employment Change for October has exceeded forecasts by posting a 180k person rise, 2k over the predicted amount, while the ISM Non-Manufacturing Composite for the same month has also risen from 56.9 to 59.1; expectations had been for a small decline to 56.5.
Speeches from Federal Reserve officials have also supported the gains of the ‘Greenback’ today, particularly with Regard to the words of Fed Governor Lael Brainard, who indicated her stance by saying: ‘the domestic outlook is an encouraging one’.
Along a more familiar line, Brainard emphasised the Fed’s reliance on data results before the crucial could be made, stating: ‘there is a clear framework for out monetary policy going forward.
It remains very dependent on how incoming data shapes our outlook’. Suffice it to say, the rally seen by the ‘Buck’ today is at least in part due to Brainard’s words combining with a highly beneficial result from the day’s domestic data.
The US Dollar has risen to 0.9209 against the Euro today, while the Euro has conversely slumped against the US Dollar at a rate of 1.0861.
EUR-USD Future to be Determined by Fed Speeches, German Economic Publications
Although the US Dollar has already been affected in the pairing by Fed speeches, more are due before the day is out in the form of deliveries from William Dudley and Stanley Fischer tonight.
Although there is still over a month until the Fed’s last Interest Rate Decision this year on December 16th, investors are clearly already gearing up to study words from Fed members as signs of their likely intent when the opportunity for a rate hike comes around.
With that in mind, speculators will naturally be hoping for tones of a hawkish, rather than dovish nature.
Tomorrow will open with the Euro’s contributions to the exchange rate as further German data is due out in the form of the Factory Orders for September and the Markit Construction and Retail PMIs for October.
In addition to these, French, Italian and Eurozone PMIs are also due for release.
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Source: moneytransfer.co.uk