The Euro is experiencing losses against the US dollar as the European session draws to a close. The EUR/USD pair slides back to the 1.0919 zone, at the time of writing, as the American currency advances further. The USD Index maintains a positive mood past 102.76.
Spanish unemployment shrank by 11K individuals in July, and the ADP report surprised to the upside in July. During the first half of the week, the Euro continued to face selling pressure against the USD, causing it to decline below the 1.1000 level on turnaround Tuesday.
In Europe, the final Manufacturing Purchasing Managers’ Index (PMI) figures in Germany and the broader euro area fell in line with preliminary readings at 38.8 and 42.7, respectively. Germany’s labor market report in July saw the Unemployment Rate ease to 5.6% and the Unemployment Change shrank by 4k individuals.
The jobless rate for the broader Euro area will also be released later in the session. The US Dollar is returning to the 1.0950 zone for the third consecutive session, driven by the strong recovery of the Greenback and the continuation of the strong rebound in US yields.
Market participants are expected to focus on key economic data releases from the US and Europe later in the week, which are expected to challenge the data-dependency approach adopted by the Federal Reserve and the European Central Bank in their interest rate decisions.
Tags Euro Spain unemployment US dollar index US yields
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