Trending: Oil | Gold | BITCOIN | EUR/USD | GBP/USD
WhatsApp Telegram LinkedIn Facebook X TikTok Instagram

Euro hits fresh six-month highs against dollar

Economies.com
2022-12-05 08:00AM UTC

Euro rose in European trade for the fourth straight session against dollar, hitting fresh six-month highs as concerns about a widening policy gap between the US and Europe fade. 

 

Dollar extended its decline after Fed Chair Jerome Powell's recent statements about slowing down the pace of rate hikes starting from December. 

 

EUR/USD rose over 0.4% to 1.0584, the highest since June , after closing up 0.15% on Friday, the third profit in a row as risk appetite dominated markets. 

 

Euro rallied 1.4% last week against dollar, the second weekly profit in a row. 

 

European Rates

 

The financial markets are now expecting the European Central Bank to increase rates by 75 basis points in December instead of 50. 

 

There are strong recent incentives for the ECB to do such move according to many analysts, while the Federal Reserve is only expected to hike rates by 50 basis points this month.

 

The Dollar

 

The dollar index fell 0.4% on Monday, deepening losses for the fourth straight session and plumbing six-month low at 104.11 against a basket of major rivals. 

 

Fed Chair Jerome Powell struck a much more bearish chord in recent statements, noting the Fed will slow down its pace of policy tightening in upcoming meetings. 

 

After such statements, chances of a 0.50% rate hike by the Fed rose from 67.5% to 80%, then 82% now, while chances of a 0.75% rate hike fell from 32.5% to 18% currently. 

Canada's unemployment falls to four-month lows

Economies.com
2022-12-02 13:41PM UTC

Canada's unemployment fell to 5.1% in November from 5.2% in the previous reading, beating expectations of 5.3%. 

Canadian economy adds the expected amount of jobs

Economies.com
2022-12-02 13:40PM UTC

Canada's economy added 10.1 thousand jobs in November, almost matching estimates of a 10.5 thousand addition, however it's way down from 108.3 thousand in the previous reading. 

US economy adds more jobs than expected in November

Economies.com
2022-12-02 13:38PM UTC

US economy added 263 thousand new jobs in November, beating estimates of a 200 thousand addition, and down slightly from 284 thousand in the previous reading.