The euro remained lower after sliding in six of the past seven days before data that may show consumer spending fell in the region, bolstering prospects the European Central Bank will consider stimulus at a meeting tomorrow.
Europe’s common currency dropped 1.4 percent versus nine developed-market peers in the past week, with data today projected to confirm a slowdown of the region’s services and manufacturing industries. A gauge of U.S. dollar strength was near a seven-week high as traders weighed the timing of a reduction in Federal Reserve stimulus. New Zealand’s dollar climbed to its highest since Oct. 24 as employers added more jobs than forecast, spurring bets on interest-rate increases.
“The euro will remain heavy amid speculation the ECB may cut rates,” said Kazuo Shirai, a trader at Union Bank NA in Los Angeles. “The euro had gotten too high, and that wasn’t good for Europe.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015