Single Currency Lost Ground
The single currency has weakened. Euro/Dollar reduced 0.27% to close at 1.2343. German Industrial Production fell 0.6%. Tomorrow, Germany will feature Trade Balance and the US will present jobless claims.
Jerome Powell has officially taken over as the Fed Chair. But, his guideline is expected to be similar to Janet Yellen’s one. March rate hike remains in store, with odds standing at 80%. Yesterday, equities were under a serious selling pressure. DOW fell -1175.21 pts (-4.6%) at 24345.75. But, the greenback has recovered from a long period of volatility. Some analysts say that stocks declined due to possible policy changes. US Nonfarm payrolls grew to impressive 200K. Wage growth stayed at 0.3%. Jobless rate maintains at 4.1%.