Euro rebounds from week lows against dollar

2018-12-06 20:32:22 GMT (
Euro rebounds from week lows against dollar

Euro rose in American trade off late November lows against the dollar, following earlier data from the euro zone and the US today. 


As of 05:19 GMT EUR/USD rose 0.28% to 1.1376, with a session-high at 1.1413, and a low at 1.1321.


Earlier German data showed factory orders rose 0.3%, compared to a 0.1% increase in September, and beating estimates of a 0.4% drop. 


EU Chief Brexit negotiator Michel Barnier said in earlier remarks that the offer presented to Britain is unmatched, as it contains damage to both sides, with the approval of the British Parliament the only thing now standing before defining the future relationship between the EU and Britain. 


Moving to Italy, Prime Minister Giuseppe Conte said government meetings have been held to discuss the budget, adding to agreement has been reached yet on cutting reform, with his deputies refusing to cut the budget deficit below 2%, even though he seeks a 1.9% target for the deficit in accordance with EU rules. 


US Data 


The US private sector added 179 thousand in November, missing estimates of 195K, and compared to 225K in October, revised from 227K. 


US productivity rose 2.3% as expected, up from 0.9% in the second quarter, while labor costs rose 0.9%, slowing down from 1% in the second quarter. 


US trade deficit widened to $55.5 billion from $54.6 in September, missing estimates of $55.2 billion, while unemployment claims fell by 4 thousand in the week ending December 1 to 231K. 


Continuing claims for the week ending November 24 fell 74 thousand to 1.631 million.


The US services PMI rose to 60.7 in November from 60.3 in October, besting estimates of 59.1. 


Two thirds of American GDP relies on services, hence the vital importance of services PMIs to markets. 


Finally, factory orders fell 2.1% in October, compared to a 0.2% increase in September, and missing estimates of a 1.9% increase. 

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