Since the beginning of the month all battles between bulls and bears run in a fairly narrow area, which unfortunately doesn’t create good investment opportunities. In today's alert, we looked at the broader perspective of EUR/USD and the USD Index itself.
After the ECB’s dovish press conference the euro fell across the board, even against the Canadian dollar. The commodity currency has taken a beating of its own in recent weeks amid fears over protectionist U.S. policies, renewed weakness in oil prices and soft domestic data.
All things considered, the Euro reacted in a very quiet manner to today’s news. A strong read on private ADP Payrolls along with better than expected Nonfarm Productivity and Unit Labor Costs supported the dollar this morning.
All things considered, this was a very quiet session for the euro. The currency traded in a range of less than a penny in the face of a deadlocked Italian election, the formation of a coalition government in Germany and President Trump’s trade tariff talk.
The Canadian dollar has been the worst performer among the major currencies today, continuing its recent poor run of form. The Loonie has been undermined amid concerns over planned US tariffs on steel and aluminum.