Euro Falls Below $1.14 Level, US GDP Data Awaited

Forex News

The euro continues to fall versus US dollar. The EUR/USD pair is trading at 1.1353 level, having lost 0.19% on the day. Overall this week, the single currency has lost 1.3%. Earlier today, the euro fell to a low of 1.1352, and marked its lowest level since mid-August. Unless the euro has a strong comeback today, this week’s decline will be one of the sharpest in 2018.

Yesterday’s meeting of the European Central Bank did not manage to support the euro. The ECB maintained its main refinancing rate at 0.00% level, as expected. ECB President Mario Draghi reiterated that the ECB remained on track to wind up its asset-purchase program in December.

Today’s data showed, that German GfK Consumer Climate index remained unchanged going into November compared with October, with index at 10.6 level, slightly above a forecast of 10.5. GfK’s subindex measuring propensity to buy rose further in October to 55.9 points.

Markets expect release of the US Q3 GDP data. The US economy is forecast to have grown at a 3.3% annualized rate in the third quarter, following 4.2% in the second quarter. Still, many analysts see a pace faster than 3% as temporary.