RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Currencies

Euro/US Dollar Exchange Rate Falls

Rate Captain by Rate Captain
November 8, 2021
in Currencies
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

Naira Depreciates Further at the Parallel Market Amidst Foreign Reserves Massive Dip

IMF increases the weight of US dollars and Chinese yuan in the SDR Basket

The Euro US Dollar (EUR/USD) exchange rate fell this morning as German factory orders missed expectations. Meanwhile, the US Dollar (USD) is recouping yesterday’s losses in the aftermath of the Federal Reserve’s mixed press conference.

At the time of writing, EUR/USD is trading at $1.1545, down 0.6% from today’s opening levels.

The Euro (EUR) is trading down today as this morning’s disappointing German factory orders weigh upon the single currency. Subsequently, the finalised Eurozone services PMI printed lower-than-expected, exacerbating downside.

The weaker rebound in German factory orders suggests that recovery in the manufacturing sector of Europe’s economic powerhouse seems to be losing momentum. Contracts for goods ‘Made in Germany’ jumped 1.3% in September, rather than 2% as expected.

However, while new orders declined 2% for intermediate goods and 1.7% for consumer goods, orders for machinery and equipment jumped 12.2%.

These were supported by orders from countries outside the Euro Area, which were up 14.9%; compared with February 2020, the month before restrictions were imposed due to the coronavirus pandemic in Germany, new orders were 8.6% higher overall.

Following the German data, the finalised Markit services PMI for the Eurozone narrowly missed forecasts of 54.7, printing below September’s final of 56.4.

The latest reading pointed to the slowest growth in the services sector since April, as inflationary pressures continued to build and service providers registered the strongest increases in costs and selling prices for just over 21 years.

The US Dollar is climbing as a risk-off mood prevails ahead of today’s Bank of England (BoE) rate decision.

Investors are still digesting yesterday’s Federal Reserve announcement: the Fed decided to reduce its asset purchases from mid-November, although Chairman Jerome Powell stressed that a rate hike won’t necessarily follow immediately as quantitative easing concludes.

Initially, the US Dollar dropped as traders were disappointed in their hopes of an early rate hike. However, the ‘Greenback’ recovered its strength today ahead of America’s scheduled trade balance release.

The Fed’s forward guidance was anticipated by many, as the central bank had signalled its intentions in September, when half of policymakers also forecast the first post-pandemic rate rise next year.

According to Rebecca Chesworth, senior strategist at State Street’s SPDR exchange traded fund unit, investors are now using the bond markets to play out their central bank forecasts.

Previous Post

Dollar Gains In The International Market As U.S Inflation Faces Next Test

Next Post

Microsoft To Join Metaverse

Related News

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

by Rate Captain
May 20, 2022
0

On Thursday, 19 May 2022, The Nigerian naira closed at N420.33/$1 to the dollar at the official Investors and Exporters...

Naira Depreciates Further at the Parallel Market Amidst Foreign Reserves Massive Dip

by Rate Captain
May 18, 2022
0

On Tuesday, the 17th May 2022, The Nigerian naira closed at N418.50/$1 to the dollar at the official Investors and...

IMF increases the weight of US dollars and Chinese yuan in the SDR Basket

by Rate Captain
May 18, 2022
0

The International Monetary Fund has increased the weighting of the dollar and the Chinese yuan during its review of the...

FX Supply Crisis Weakens the Naira to N421.50/$1 at Official I&E Window

by Rate Captain
May 17, 2022
0

On Monday, the 16th May 2022, The Nigerian naira closed at N421.50/$1 to the dollar at the official Investors and...

Next Post

Microsoft To Join Metaverse

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CBN governor respond to APC 100M president form

BREAKING: CBN raises benchmark interest rate to 13% — first time in more than two years

May 24, 2022
BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022

Popular Story

  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • Investment Bank, JP Morgan predicts Foreign Exchange Rates from 2022-2023

    0 shares
    Share 0 Tweet 0
  • Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • BNP Paribas has joined JPMorgan’s blockchain-based network.

    0 shares
    Share 0 Tweet 0
  • BREAKING: CBN raises benchmark interest rate to 13% — first time in more than two years

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.