Euro falls below 1.23 against dollar

Economies.com
2018-02-07 17:20PM UTC

Euro slumped against the dollar to the lowest since January 23 against the dollar, following earlier data from the euro zone, and amid a lack thereof from the US, the world's largest economy. 

 

As of 04:58 GMT, EUR/USD fell 0.78% to 1.2281 from the opening of 1.2377, with a two-week low at 1.2278, and a session-high at 1.2406. 

 

Earlier German data showed industrial production fell 0.6% in December, compared to a 3.1% rise in November, while analysts expected a 0.7% dip, while French trade deficit shrank to 3.5 billion euros from 5.6 billion, beating expectations of a 4.8B deficit. 

 

The European Central Bank released its economic bulletin while the European Commission released its economic forecasts, projecting GDP growth for the euro zone at the fastest rate in a decade at 2.2%, up from 1.7%.

 

The Commission expects 2018 growth in the whole European Unon to reach 2.1%, and 1.9% in 2019, while forecasting inflation to rise 1.5% in 2018, while accelerating to 1.6% in 2019. 

 

German Chancellor Angela Merkel said in earlier remarks that negotiations to form a governing coalition were hard but worth it, adding that she expects to reach a stable government soon, while calling for investing in infrastructure and the digital sector. 

 

Earlier from the US, Federal Reserve Bank of New York President William Dudley spoke about banking culture at an event jointly hosted by Thomson Reuters and the European American Chamber of Commerce, in New York, while markets await Federal Reserve Bank of San Francisco President John Williams' speech at a community leaders luncheon, in Honolulu.

Forex and Currency News

Forex News

Forex

Dollar hovers near six-week high ahead of consumer spending data, Powell's remarks
2024-03-29 11:28AM UTC
Dollar Strengthens Amid Declining Rate Cut Odds The dollar rose in European trade on Friday ...
EUR/USD news

Forex

Euro declines to five-week trough amid thin trading
2024-03-29 08:19AM UTC
Euro Decline Amid Holiday Thin Trading Euro declined in European trade on Friday against a basket ...
Forex News

Forex

Dollar hits six-week high ahead of US growth data
2024-03-28 11:38AM UTC
US Dollar's Rise in European Trade The US dollar rose in European trade on Thursday against a ...

Forex Technical Analysis

Technical Analysis

Forex

The NZDCAD moves to the bearish track – Forecast today – 29-3-2024
2024-03-29 06:18AM UTC
NZDCAD Pair Forecast for Today - 29-3-2024 The NZDCAD pair surrendered to the negative ...
EUR JPY Analysis

Forex

The EURJPY declines below the support – Forecast today – 29-3-2024
2024-03-29 06:13AM UTC
EURJPY Pair Forecast for Today - 29-3-2024 The EURJPY pair surrendered to the negative ...
GBP JPY Analysis

Forex

The GBPJPY has to decline – Forecast today – 29-3-2024
2024-03-29 06:12AM UTC
GBPJPY Pair Forecast for Today - 29-3-2024 The GBPJPY pair still confined with many negative ...