While the present week’s Euro to US Dollar movement has generally been poor, the single currency could still advance during the week to come on a significant distribution of German economic announcements.
The US Dollar’s latest movements have been positive on the whole this week, thanks to a forecast-beating result for one of the nation’s key PMI figures in September.
Euro Uncertainty after Retail PMI Decline, US Dollar Boosted by Non-Manufacturing PMI
The Euro has been a soft option against its peers today, although it was earlier able to appreciate thanks to Germany’s August factory orders and September construction PMI both printing above forecasts.
The latest decline has been triggered by the Eurozone’s retail PMI for September, which has shown a drop from 51 to 49.6, signifying a return to contraction for overall Eurozone retail sales.
US Dollar movements have been positive during today’s trading session, consisting of sizable gains against most regular peers.
The latest source of support for the US Dollar has been the ISM non-manufacturing PMI for September, which has risen remarkably from 51.4 to 57.1.
Euro Exchange Rate Forecast: Incoming German Ecostats Set to Shift EUR Appeal
In addition to Eurozone-wide data releases arriving in the near-future, the single currency could also be shifted by a number of impactful German economic announcements.
Friday will bring positively-predicted industrial production figures for August, while over the coming week, Monday will bring German trade balance data, Tuesday will see economic sentiment results announced and Thursday will bring a glut of inflation stats from Germany.
At the time of writing, expectations were for a rise in the German trade surplus as well as the ZEW economic sentiment index for October, as well as an improvement across the board for the September inflation rate results.
US Dollar Predictions: Further Fed Speeches and US Jobs Data to Impact Near-Term USD Movement
Impactful US economic events will arrive a lot sooner than those from the Eurozone, with Friday featuring four Fed speeches as well as the nation’s highly impactful non-farm payrolls and unemployment rate results for September.
For the payrolls figure, a potentially beneficial rise from 151k to 189k is forecast, although the unemployment rate is still forecast to remain at 4.9% regardless.
The Fed speeches from Stanley Fischer, Loretta Mester, Esther George and Lael Brainard will arrive over the afternoon and into the night.
Recent EUR USD Exchange Rates
At the time of writing, the Euro US Dollar (EUR USD) exchange rate was trending in the region of 1.1188 and the US Dollar Euro (USD EUR) exchange rate was trending in the region of 0.8941.
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