EUR/USD Exchange Rate Continues to Tumble as US Dollar Capitalises on Rival Weakness
The US Dollar (USD) continues to rally today, continuing to push the Euro to US Dollar (EUR/USD) exchange to its worst levels in two months. The pair has seen a sharp recoil as the US Dollar benefits from weakness in its biggest rival, the Euro (EUR).
Since opening this week at the level of 1,2137, EUR/USD has been trending sharply lower as the US Dollar continues its rebound rally.
As of Thursday afternoon, EUR/USD has shed over a cent and a half and trends in the region of 1.1967. This is the worst level for EUR/USD in two months, since the beginning of December.
EUR/USD Exchange Rate Continues This Week’s Sharp Tumble
A combination of Eurozone coronavirus jitters and a recovering US Dollar (USD) helped push the Euro to US Dollar (EUR/USD) exchange rate to new multi-month lows today. Investors remain anxious about the Eurozone outlook.
This week’s EUR/USD losses have been even sharper than the ones seen last week. EUR/USD tumbled from the level of 1.2171 to 1.2137 last week, and this week has plunged over a cent already.
At the time of writing on Wednesday, EUR/USD is trending near a low of 1.2009, the worst level for the pair since the beginning of December.
EUR/USD Outlook: Break of January Range Keeps Bearish RSI Trend Intact 2021-02-03 21:00:00 David Song, Strategist
EUR/USD Rate Talking Points
EUR/USD extends the decline from earlier this week after taking out the January low (1.2054), and the exchange rate may face a larger pullback as the Relative Strength Index (RSI) still tracks the downward trend carried over from December. Advertisement
EUR/USD Outlook: Break of January Range Keeps Bearish RSI Trend Intact
EUR/USD remains under pressure amid the limited reaction to the Euro Area’s Consumer Price Index (CPI), with the exchange rate carving a series of lower highs and lows ahead of the US Non-Farm Payrolls (NFP) report as it fails to preserve the January range.
forecasts
AUD/USD and NZD/USD Fundamental Weekly Forecast – RBA, NZ Employment Data on TapTraders expect the RBA to leave its benchmark interest rate unchanged, but there is some uncertainty over its quantitative easing program.
Jan 31, 2021 11:59 PM GMT
The Australian and New Zealand Dollars put in a mixed performance last week as concerns over the Reserve Bank’s (RBA) bond-buying program weighed on prices ahead of next Tuesday’s policy decisions, while the Kiwi held steady ahead of next Wednesday’s labor market reports.
Last week, the AUD/USD settled at .7642, down 0.0073 or -0.94% and the NZD/USD finished at .7157, down 0.0025 or -0.35%.
Euro US Dollar Exchange Rate Tumbles despite Forecast-Beating Eurozone GDP
Investors continued to sell the Euro US Dollar (EUR/USD) exchange rate today. As Eurozone coronavirus jitters persist, the Euro (EUR) is recoiling from its best levels while its rival the US Dollar (USD) rebounds from its lows.
Since hitting impressive highs in January, EUR/USD has been gradually trending lower in recent weeks. Last week saw EUR/USD slip from the level of 1.2171 to 1.2137 throughout the week.
EUR/USD has seen even sharper losses this week already though, with the pair losing over half a cent yesterday and falling even further today.