Economy Forex

EUR/USD is poised to end the week with little change

  • EUR/USD recovered modestly after falling to the 1.1700 area.
  • The US dollar index remains in positive territory above 93.20.
  • 10-year US Treasury yields cling to modest daily gains.

EUR/USD fell to a daily low of 1.1701 early in the US session, but managed to recover much of those losses. Taking into account the rate on the day and the week as a whole, the pair ended the day down only 0.1% on the day at 1.1725.

EUR/USD

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U.S. stocks remain resilient on Friday

Hours earlier, data from Germany showed that the IFO – Business Climate Index eased to 98.8 in September, missing the market’s expectation of 100.4, and this reading weighed on the shared currency. Additionally, the IFO Current Assessment Index decreased to 100.4 from 101.4 in August.

However, the risk-averse market environment allowed the dollar to continue to outperform its rivals in the first half of the day. Despite this, the US dollar index (DXY) struggled to maintain its upside momentum and helped EUR/USD move higher. Currently, the DXY, which reached a session high of 93.42, is up 0.2% at 93.27.

Hawkish comments from Fed officials have supported the dollar. Esther George, president of the Kansas City Fed, said Friday that the criteria for tapering bonds have been met. In a similar vein, Cleveland Fed President Loretta Mester said she supports the idea of reducing asset purchases in November.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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