Euro Stabilizes Slightly Above $1.15 Line
Euro has steadied after six losing sessions. Today, the euro/dollar pair rose by 0.21% to trade at 1.1503 level. The single currency has lost 2.2% since September 26, amid increased worries about Italian budget deficit.
The ruling coalition last week said it planned to run a deficit of 2.4% of gross domestic product (GDP) next year, tripling the previous government’s target. It also said that the deficit would stay at that level through 2021. The populist Italian government appeared to backtrack on Wednesday, and has now said that the budget deficit could be lowered to 2.2% in 2020 and 2.0% in 2021. Next year’s target remains 2.4% of GDP.
A report from Automatic Data Processing (ADP) showed that the growth rate of employment in the US private sector accelerated in September, stronger than expected. According to the report the number of employed increased by 230.00 in September compared to the August figure of 168.000. It was expected that the number of employees would increase by 185.000.