Euro touches three-week low against dollar

Economies.com
2018-07-19 15:44PM UTC

Euro fell in American trade to June 29 lows against the dollar amid a lack of data from the euro zone, and after earlier stellar employment data from the US, and the conclusion of Federal Reserve Chair Jerome Powell's Congressional testimony yesterday.

 

As of 03:25 GMT, EUR/USD fell 0.31% to 1.1603 from the opening of 1.1639, with an intraday high at 1.1657, and a three-week low at 1.1575. 

 

European Commissioner for Trade Cecilia Malmström noted in earlier remarks that US-EU trade tensions would weaken both sides, while asserting that tariffs on European cars can't be cancelled except as part of a full trade agreement. 

 

Malmström said the US was never threatened by the EU, while the EU is preparing steps to take if the US imposed tariffs on European cars as President Trump threatened recently. 

 

The European Union is also taking measures to prevent the expected flooding of imported steel and aluminum due to US tariffs, which would redirect global excesses of the commodities towards the EU, hurting European production. 

 

Stellar US Employment Data 

 

Earlier US data showed unemployment claims fell 8 thousand to 207 thousand from 215K, beating expectations of 220K, while continuing claims for the week ending July 7 rose 8 thousand to 1.751 million from 1.743 million, missing estimates of 1.729 million. 

 

The Philly Fed Manufacturing Index rose to 25.7 in July from 19.9 in June, beating estimates of 21.6, while the CB leading index rose 0.5% in June, beating estimates of 0.4%, and compared to May's no-change. 

 

White house trade councilor Peter Navarro asserted in earlier remarks that President Donald Trump's decisions are not destructive as some are painting it, noting that China is the only country hurting the US economy, while the US administration believes in free trade in a world that lacks it. 

Forex and Currency News

Forex News

Forex

Dollar under pressure ahead of Christopher Waller's speech
2024-03-27 11:18AM UTC
The dollar declined in European trade on Wednesday against a basket of major rivals away from ...
USD/JPY news

Forex

Japan sends the stronger warning after yen crashes to 34-year nadir
2024-03-27 08:50AM UTC
Yen tumbled in European trade on Wednesday against a basket of major rivals, sharpening losses for ...
AUD/USD news

Forex

Aussie is worst performing G8 currency after inflation data
2024-03-27 05:33AM UTC
The Australian dollar fell in Asian trade on Wednesday against a basket of major rivals on track ...

Forex Technical Analysis

EUR GBP Analysis

Forex

The EURGBP settles below the resistance – Forecast today – 28-3-2024
2024-03-28 05:37AM UTC
EURGBP Pair Analysis and Forecast Expected Scenarios New negative close below the bearish ...
EUR JPY Analysis

Forex

The EURJPY leans above the major support – Forecast today – 28-3-2024
2024-03-28 05:35AM UTC
EURJPY Pair Analysis and Forecast Expected Scenarios Stability above the bullish ...
GBP JPY Analysis

Forex

The GBPJPY repeats the negative closings – Forecast today – 28-3-2024
2024-03-28 05:35AM UTC
GBPJPY Pair Analysis and Forecast Expected Scenarios Weak trades yesterday with fluctuation ...