Euro Extends Losses Versus USD
Euro continues to fall versus US dollar. Today, the EUR/USD pair lost another 0.37% and traded at 1.1449 level. The euro’s losses against the US dollar today are largely a continuation of last week’s events, as the Italian government’s hard-to-approve budget plans are back in the spotlight. Yesterday, the single currency fell 0.3% against the dollar to $1.1490 and not far from a more-than one-year low of $1.1355 hit in mid-August.
Today’s data showed, that German exports fell by 0.1% month-on-month in August, from -0.9% in July. Economists had expected a 0.3% gain. However, exports rose by 2.2% yoy. Imports dropped by 2.7% mom, below a predicted 0.2% fall. On annual basis, imports surged by 6.2%. Germany’s trade surplus has climbed to EUR 18.3 billion, well above the estimate of EUR 15.9 billion.
Tomorrow, the US will publish Treasury Currency report, a semi-annual publication. The report, which was last released in April, should be treated as a market-mover.