Euro tilted lower off month high against dollar

Economies.com
2022-08-12 09:49AM UTC

Euro fell in European trade off July 5 highs while still on track for weekly gains against dollar, following earlier European trade and ahead of US data later today.

 

As of 09:28 GMT, EUR/USD fell 0.21% to 1.0300, with a session-low at 1.0288.

 

Earlier French data showed consumer prices rose 0.3% in July as expected m/m, and 6.1% y/y as expected as well. 

 

Italian trade deficit rose to 2.166 billion euros from 62 million euros in May, while analysts expected a surplus of 350 million euros.

 

Euro zone industrial output rose 0.7%, slowing down from 2.1% in May.

 

The German government asserted it's working on a a deal to put a ceiling on Russian oil prices with other major G7 countries. 

 

Otherwise, German officials said the government wouldn't concede to Russia on the Nord Stream 2 pipeline that's closed currently, with the government admitting tough months ahead for the country due to lower natural gas supplies.

 

Italy faces another crisis with Moody's credit agency cutting down Italy's sovereign rating to negative due to ongoing economic struggle and political instability.

 

The Italian financial ministry dismissed the decision by Moody's and asserted the Italian economy remains on its feet, and that all European economies face pressures.

 

The ministry announced reform plans for the financial and energy sectors, which will be implemented quickly following the upcoming vote.

 

From the US, the UoM consumer sentiment survey is expected up to 52.5 in August from 51.5 in July. 

Forex and Currency News

EUR/USD news

Forex

Euro approaches week high amid positive outlook
2024-04-18 08:30AM UTC
Euro rose in European trade on Thursday against a basket of major rivals, extending gains for the ...
Forex News

Forex

Dollar gives up five-month high on profit-taking
2024-04-17 10:56AM UTC
The dollar lost ground in European trade on Wednesday against a basket of major rivals away from ...
GBP/USD news

Forex

Sterling starts recovering after hot UK inflation data
2024-04-17 06:43AM UTC
Sterling rose in European trade on Wednesday for the first time in four days against the dollar, ...

Forex Technical Analysis

USD CHF Analysis

Forex

The USDCHF price under the negative pressure – Forecast today - 19-04-2024
2024-04-19 04:20AM UTC
USDCHF Price Analysis Expected Scenario The USDCHF price begins today with strong decline ...
NZD USD Analysis

Forex

The NZDUSD price declines again – Forecast today - 19-04-2024
2024-04-19 04:20AM UTC
NZDUSD Price Analysis Expected Scenario The NZDUSD price couldn’t manage to hold ...
AUD USD Analysis

Forex

The AUDUSD price breaks the support – Forecast today - 19-04-2024
2024-04-19 04:20AM UTC
AUDUSD Price Analysis Expected Scenario The AUDUSD price ended yesterday negatively, and ...