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Euro Hits New Two-Week Low as Market Braces for More Gloom


Thursday, 7 February 2019 16:08 WIB

DOLLAR Yen EuroDolar ASPoundsterling


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The euro slid to a new two-week low against the dollar in early trading in Europe Thursday as traders braced for more gloomy headlines about the economic outlook.

German industrial output data have already set the tone, showing a drop of 0.4% in December rather than the 0.7% rise predicted. Spain meanwhile reported output fell 6.2% year-on-year in December, far worse than forecasts for a 2.3% decline.

The contrast with the U.S. was underlined Wednesday by comments from Federal Reserve Chairman Jerome Powell, who said the economy was in a 'good place' with solid growth and low unemployment.

At 03:30 AM ET (08:30 GMT), the single currency was at $1.1350, down -0.1% on the day.

The main focus in Europe Thursday will be the EU Commission’s new economic forecasts, which are expected to be revised down sharply, especially as regards Italy.

Elsewhere, the British pound fell below $1.2900 for the first time in over two weeks on the rising risk of a 'no-deal Brexit'

The USD/JPY pair continued to flirt with the 110 level, without seriously breaking above it.

Source: Investing


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