Euro Falls Against Dollar on Friday Following Positive Economic Data from the US

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


The euro (EUR) continued on its weak trajectory against the dollar (USD) on Friday, following the release of stronger-than-expected Unemployment data and Nonfarm Payrolls. Apart from this, worrisome data from Germany also exerted additional pressure on the European currency.

Europe’s superpower economy is showing weaker economic activity after industrial production showed worse-than-expected outcomes. Reports show that industrial production contracted for the first time in seven months, following a revised flat reading for August. Furthermore, Germany’s retail sales numbers shrank by 1.3% month-on-month (MoM) in August.

In other news, US President Joe Biden warned of an impending “Armageddon” as Russian President Vladimir Putin fuels the biggest nuclear risk in sixty years. Putin recently warned that the use of nuclear force as retaliation for any hostilities from the West was on the table.

That said, any of the several speeches from officials of the European Central Bank (ECB) in the near term could prop up the EUR, with hints on the possible course of action in the bank’s monetary policy being at the top of the list for factors that could influence the single currency.

Also, developments in Ukraine will be one of the primary focuses of investors. Tensions between the West and Russia over the ongoing war in Ukraine could dramatically influence market sentiment, as well as looming energy security woes in Europe.

Euro Stronger Against Pound Amid Political Woes in the UK

In the UK, the pound also came under intense pressure as concerns over the nation’s new government’s fiscal policy remained a focal point for investors. Additional pressure befell the pound after British Prime Minister Liz Truss met with Irish Foreign Minister Simon Coveney, as negotiations over the Nothern Ireland protocol resumed. That said, a lot of work still has to be done before any agreement can be reached by both parties, further weighing on investors’ sentiments.

At the time of writing, the EUR/GBP trades at 0.8794 or up by 0.23%.

 

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.