EUR/USD bounces off yearly lows

EUR/USD hardly declines during Friday’s session, consolidating around 1.1446, down by 0.01%. The Euro has failed to gain traction against the American currency, which has maintained same demand level during the Asian and the European session, with limited gain as the New York session begins.

The Euro’s downfall has extended for the third day, posting fresh lows in each of those days. Earlier in the New York session, it reached a new yearly low at 1.1432, a level not seen since July 2020. The euro is consolidating around the 1.1440s region ahead of the weekend.

University of Michigan Consumer Sentiment Index’s drop overshadows EU Industrial Production for September, which increased by 5.2%, higher than the expected 4.1% as reported by Eurostat.

Consumer sentiment fell in early November to its lowest level in a decade due to an escalating inflation rate and the growing belief among consumers that no effective policies have yet been developed to reduce the damage from surging inflation.