Mixed US Data sees Euro to US Dollar (EUR/USD) Exchange Rate Extend Advance
A mixed-bag of US economic data, erring towards the negative, has seen the Euro to US Dollar (EUR/USD) exchange rate advance by around 0.27%. Meanwhile, the common currency is holding on to the gains made from a positive set of publications from the 18-nation currency bloc’s most powerful economy.
If you're looking to make an international money transfer, we recommend TorFX.
The Euro to US Dollar exchange rate is currently trending in the region of 1.2412.
Euro (EUR) Bolstered by German Data
The single currency has enjoyed a healthy upsurge on Friday, going some way towards recovering the losses sustained on Thursday. This is due to German data printing above expectations. Yearly non-seasonally adjusted German Industrial Production outperformed expectations of a rise from -1.9% to -0.6%, with the actual result rising to -0.1%. Similarly, German Trade Balance eclipsed the median market forecast of an increase from 14.0 billion to 19.0 billion, with the actual data showing a hike to 21.9 billion.
The Euro to US Dollar exchange rate has dropped to a low today of 1.2357.
US Dollar (USD) Slumps on Mixed Data
With a veritable smorgasbord of US economic data publications on Friday, the US Dollar has been subject to volatility. However, in general the data has been negatively received by traders and the US Dollar declined against the majority of its most traded currency competitors.
The most significant domestic data publication, in terms of its detrimental effect, is the Change in Non-farm Payrolls which declined beyond the market consensus of a drop to 235,000 from 257,000, with the actual result falling to 214,000.
In addition, Average Hourly Earnings failed to increase and Change in Private Payrolls declined beyond expectations.
Euro to US Dollar Exchange Rate Forecast to Strengthen
With non-farm payrolls data showing a smaller jobs increase than projected, pressure has eased on the Federal Reserve to hike rates in the foreseeable future. This will likely see the EUR/USD exchange rate continue to appreciate over the weekend.
The Euro to US Dollar exchange rate has advanced to a high today of 1.2442.