Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - Euro gains ground against softer dollar

Published 10/06/2015, 10:29 AM
Updated 10/06/2015, 10:29 AM
© Reuters.  Euro moves higher against softer dollar

© Reuters. Euro moves higher against softer dollar

Investing.com - The euro pushed higher against the weaker dollar on Tuesday as diminished expectations for a rate hike by the Federal Reserve this year pressured the greenback lower.

EUR/USD rose 0.46% to 1.1237 from 1.1186 late Monday.

The dollar remained on the back foot after Friday’s unexpectedly weak U.S. jobs report prompted investors to abandon expectations for a rate hike by the Fed before the end of 2015.

The Labor Department reported that the U.S. economy added just 142,000 jobs last month, well below expectations of the 201,000 expected by economists.

August’s reading was revised down to 135,000, from the initial reported figure of 173,000.

The report underlined fears that a slowdown in global economic growth has spread to the U.S. economy and prompted investors to push back expectations on the timing of an initial rate hike by the U.S. central bank to early 2016.

Data on Tuesday showed that the U.S. trade deficit widened by the most in five months in August as exports dropped.

The Commerce Department reported that the trade gap widened 15.6% to $48.3 billion, from $41.9 billion in July.

Exports fell 2% to the lowest level since October 2012, while imports rose 1.2%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last down 0.40% to 95.84.

Elsewhere, the euro was higher against the yen, with EUR/JPY rising 0.28% to 135.16.

Earlier on Tuesday data showed that German factory orders fell unexpectedly in August, adding to concerns that slowing global growth is starting to affect the euro area’s largest economy.

German industrial orders fell 1.8% from a month earlier, compared to expectations for a 0.5% increase after a 2.2% drop in July.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.