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Forex - Euro Hits 2-Month lows on Disappointing Data, Dollar Broadly Higher
Published Oct 24, 2018 04:51AM ET
© Reuters.
Investing.com - The euro fell to the lowest levels in two months on Wednesday after disappointing euro zone economic data, sending the dollar broadly higher against a currency basket.
EUR/USD was down 0.5% to 1.1414 by 04:42 AM ET (08:42 AM GMT), the weakest level since August 20.
The euro was also weaker against the yen, with EUR/JPY down 0.51% to 128.33.
The euro extended losses after data showing that euro zone private sector activity grew at the slowest pace in more than two years in October, as an export-led slowdown widened out to the service sector.
The data highlighted concerns over the economic impact of tariffs and trade wars.
Italy also remained in focus a day after the European Union took the unprecedented step of rejecting Rome’s 2019 draft budget, giving the government three weeks to resubmit a revised budget plan.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.37% to 96.07, the most since August 20, boosted by the weaker euro.
The dollar was little changed against the yen, with USD/JPY at 112.46.
Overnight, President Donald Trump stepped up his criticism of the Federal Reserve and its chairman Jerome Powell, for hiking borrowing costs.
"I’m just saying this: I’m very unhappy with the Fed because Obama had zero interest rates. Every time we do something great, he raises the interest rates,” Trump said.
The Fed has raised rates three times so far this year as the U.S. economy has continued to strengthen, and a fourth rate hike is widely expected in December.
The pound was trading at three-week lows, with GBP/USD skidding 0.41% to 1.2929.
Sterling remained under pressure as Brexit talks remained stalled with just over five months until Britain is scheduled to leave the EU and British Prime Minister Theresa May facing intense political criticism over her Brexit strategy.
The Canadian dollar was holding steady against its U.S. counterpart, with USD/CAD changing hands at 1.3096 ahead of a widely expected rate hike by the Bank of Canada later in the day.
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