EUR/USD Price Increases Towards 0.9800, Due Weakening Dollar

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Azeez Mustapha

Updated: 13 October 2022

EUR/USD Recover footing after it fell Under 0.9700. The pair then began trending upwards to 0.9800. The USD lagged despite the bettering United States data which was recently made public. Consequently, this has contributed to the pair’s rebound.

The money market Resumed risk avoidance buying and selling during the opening hours of Thursday. This has caused EUR/USD pair to a downtrend to 0.9635. The USD regained lost value, on the shoulder of development worries and inflation, and as European stocks prolonged their fall. Also, the power problems in Europe affected domestic shares as local governments battled rising prices of energy. To fight this problem, Germany commenced a palliative package against the rising cost of gas and electricity.

EUR/USD Price Increases Towards 0.9800, Due Weakening Dollar

More Details About Factors Affecting EUR/USD Price

Buyers bought the EUR/USD while it dipped, and it rose higher than 0.9700 despite poor European data. The European economic sentiment indicator recorded a ninety-three point seven in this month (September). This was better than the anticipated figure of ninety-five. Moving on, inflation in Germany continues to climb higher this month as the CPI (Consumer Price Index) increased at a yearly pace of 10.9%.

The United States released the final estimate of the GDP for the second quarter at -6% 3 months before June. This was done per technical recession. Additionally, the starting employment loss for the week which closed on September 23 decreased from 209,000 to 193,000.

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