Euro slides against dollar for first time in three days

Economies.com
2017-10-05 16:24PM UTC

Euro fell in American trade against the dollar following an array of data from the euro zone and the US, the world's largest economy. 

 

As of 05:04 GMT, EUR/USD fell 0.45% to 1.1706 from the opening of 1.1759, with an intraday low at 1.1703, and a high at 1.1779. 

 

Earlier from the euro zone, the European Central Bank released the minutes its September 7 meeting, at which policymakers held baseline interest rates unchanged at zero and the deposit rate at minus 0.40%. 

 

ECB Mario Draghi said in that time that the bank will carry on its 60 billion euro a month monetary easing program until the end of 2017, with a possible extension beyond that if needed.

 

Draghi said that the future of monetary policy will determined in the October meeting, and noting the ECB could benefit from flexibility of the monetary easing program, and warning from maintaining such an expansionary policy for an extended period of time. 

 

In Spain, the situation has been deteriorating politically after Catalonia voters opted overwhelmingly to secede from the country last Sunday, with the Spanish constitutional court issuing a decree barring the session of the regional parliament next Monday to preempt a probable independence vote. 

 

Span's king Felipe VI expressed his refusal to secessionist movements in Catalonia, while describing the behavior of the region's leaders as threatening to social peace, and asserting his commitment to follow the Spanish constitution and the unity of the country. 

 

Earlier US data showed the trade deficit fell to $42.4 billion in August, while unemployment claims fell more than expected to 260 thousand, after Federal Open Market Committee member Jerome Powel spoke about the Treasury Markets Practices Group at the Federal Reserve Bank of New York.

 

Additionally, Federal Reserve Bank of Philadelphia President Patrick Harker spoke at the Investing in America's Workforce Conference hosted by the Federal Reserve System, in Austin; where he expected three rate hikes this year and for economic growth to surpass 2% by the end of this year, noting that the skilled labor shortage is one of the most important challenges facing the US economy. 

 

Finally, US factory orders rose 1.2% in August, compared to a 3.3% tumble in July, while analysts expected just a 1.0% rise. 

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