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Market News

EUR/USD – Euro Steadies After Friday Slide


EUR/USD has ticked higher in the Monday session. Currently, the pair is trading at the 1.18 line, up 0.24% on the day. On the release front, German Industrial Orders disappointed with a decline of 1.1%, compared to the estimate of +0.2%. The Eurozone Sentix Investor Confidence slowed to 27.7, just shy of the forecast of 27.8 points. There are no major US releases on the schedule. On Tuesday, the US releases JOLTS Jobs Openings, which is expected to edge lower to 5.66 million.

The euro climbed above the 1.19 line on Thursday, its highest level since January 2015. However, the currency lost 1.2% on Friday, as a strong US nonfarm payrolls report boosted the US dollar. The markets had forecast a sharp slowdown of 182 thousand, but the reading of 209 thousand easily beat the estimate. The unemployment rate edged lower to 4.3%, but wage growth remains soft, and was unchanged at 0.3%.

The markets have grown accustomed to strong German numbers, so July’s Industrial Production was a nasty surprise, posting a sharp decline of 1.1%. This marked the weakest reading this year. Still, German indicators continue to point to an expanding German economy. Retail Sales jumped 1.1%, its second-highest gain in 2017. Factory Orders gained 1.0%, while unemployment claims dropped 9 thousand – the employment indicator has declined every month in 2017, except one. Although manufacturing and services PMIs dipped in July, both are well over the 50-level, indicative of expansion. Are the strong German numbers too much of a good thing? Some analysts think so, and are cautioning that the German economy is in danger of overheating. The eurozone economy has also benefited from the robust German economy. Eurozone GDP gained 0.6% in the second quarter, up from 0.5% in the previous quarter. As well, Eurozone Retail Sales gained 0.5%, marking a 4-month high.


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