Euro to Dollar (EUR/USD) Exchange Rate Firms Today on Weak Eurozone Data & mixed US Data

November 20, 2014 - Written by Frank Davies

STORY LINK Euro to Dollar (EUR/USD) Exchange Rate Firms Today on Weak Eurozone Data & mixed US Data

The Euro (currency:EUR) softened against the US Dollar (currency:USD) exchange rate as more weak economic data out of the Eurozone weighed upon sentiment towards the single currency.

Mixed data out of the USA, the world’s largest economy, meanwhile aided support for the USD.

Concerns over the health of the Eurozone economy once again came to the fore as economic data showed that the 18-member currency blocs services sector saw its pace of expansion slow and it manufacturing sector soften.

Worries over the region were also heightened by the fact that all three of the currency blocs top three economies posted weaker than forecast data.

The Euro to Australian Dollar conversion rate is -0.16 pct lower at 1.45517 EUR/AUD.
The Euro to Pound Sterling exchange rate is -0.23 pct lower with a conversion rate of 1 EUR equals 0.79834 GBP.
The Euro to New Zealand Dollar exchange rate today is converting -0.31 per cent lower at 1.59470 EUR/NZD.
The Euro to US Dollar exchange rate converts -0.04 per cent lower at 1 EUR is 1.25359 USD.

Euro Exchange Rate Today

Germany posted below forecast Manufacturing and Service Sector PMI, Data out of France showed that those two sectors continued to contract in November and Italy released data showing that Industrial orders and sales fell sharply in September.

The wider regions services PMI fell to 51.3 this month, and manufacturing fell to 50.4 down from the preceding month’s respective figures of 51.3 and 50.6. Markit, the group that compiled the data said that the figures would translate into just 0.1% in economic growth terms for the current quarter.

‘It’s signalling a downturn in demand; firms are eating into existing order to maintain any growth. You would like to think with the measure the ECB has taken that you would see the numbers moving higher, but we’re moving in the wrong direction,’ said Markit’s chief economist Chris Williamson.

US Dollar Rate Today: USD Boosted by Jobs Data

The US Dollar was buoyed by data released by the Washington based Department of Labour which showed that the number of Americans filing for unemployment benefits in the week ending on November 15 fell by 2,000 to a total of 291,000 from the preceding weeks revised total of 293,000. The data was worse than forecast as economists had been forecasting for a fall of 7,000 to 286,000. Despite that, the report still indicates that the US Labour department is continuing to do well.

Separate data meanwhile showed that US consumer prices were flat last month, better than expectations for a drop of 0.1%. Core consumer prices meanwhile, advanced by 0.2%, matching forecasts.

Also continuing to support the US Dollar was the release of the minutes of the Federal Reserve’s last policy meeting. The minutes showed that Fed policy makers believe that the US economic recovery is strong enough to withstand any external threats to growth level.

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