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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%.
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