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Euro surges against Dollar

However, the Unemployment Rate surged to a staggering 8.1% the highest rate in 30 years.  Early Dollar weakness that was initially seen in Europe was reversed as the Employment figures caused risk aversion to spike higher and safe haven buying. Stocks tested 6500 but ended the session sharply, in US share markets; the NASDAQ was down 5 points or -0.44% whilst the Dow Jones fell 32 points or -0.49% higher.

Rumors of a bad Non Farm number saw the Euro surge against the US Dollar from 1.2560 to 1.2700 in Europe. New stock market lows saw the Euro fall off the 1.2700 level. The reason for this support for the Euro was a large rally in Oil on speculation OPEC will cut at their next meeting.

Overall the EUR/USD traded with a low of 1.2539 and a high of 1.2755 before closing the day at 1.2661. Looking ahead with data, March EUR Euro-Zone Sentix Investor Confidence is forecast at -38 vs. -36 previously.

The Sterling had tracked the Euro higher but came off the 1.4300 level to ending at the 1.41 as the BOE plan to Quantitative Ease left sentiment fragile at best.

Data out on Friday saw February PPI jump from 0.6% vs. 0.1% forecast. Overall the GBP/USD traded with lows of 1.4078 and a high of 1.4306 before closing the day at 1.4094 in the New York session.

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