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Hamstrung US Dollar Manages to Restore Order against Opportunistic Euro in USD-EUR Exchange Rate

Published: 25 Aug at 4 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Forex, Euro Crisis, UK, Economy,

‘Greenback’ Posts Mixed Losses and Gains today but yesterday’s King is among the Latter

The US Dollar was hit hard yesterday by the global stock market crash, dubbed ‘Black Monday’ by reporters. Stock and share markets across the world fell into the red (or green, in Asian nations) as fears that had built up over the weekend were released in a burst of negative performance that lasted the entirety of Monday’s trading sessions. The base cause for concern was that after the Chinese Caixin PMI for Manufacturing in August posted a -0.7 point drop from 47.8 to 47.1, this contraction and apparent slowdown in the Chinese economy would spread in a ‘Contagion Effect’ to other Asian economies. The fact that such a downtrend was occurring in the world’s second largest economy was clearly an alarming one, as the usually stable Pound Sterling and US Dollar both dived in value against unlikely opposition.

The US Dollar to Euro was once such unlikely match, as during the height of the crash, the ‘Greenback’ fell to 0.8558 against the Euro, its lowest point since late January 2015. Today, however, the ‘Buck’ reversed the state of play as global stock markets today showed significant improvements on their abyssal dives the day before.

The US Dollar was also helped out in its showing by a speech made by Federal Reserve Bank of Atlanta President Dennis Lockhart last night, who when asked about when a US interest rate hike would occur answered ‘I’m going to stick with later this year. We have three more meetings’. The US Dollar rose to 0.8760 against the Euro today, a feat more remarkable as a significant batch of positive Eurozone data released earlier should all have supported the Euro against the ‘Greenback’. The US Consumer Confidence score for August rose from 90.9 to 101.5 today, further cementing the US Dollar’s position of power.

Trio of High-Impact US Releases may Further USD’s Current Best Position in Pairing

The outlook for the US Dollar against the Euro this week is bright, as three major data releases are due out on the next three days which have the potential to propel the USD-EUR conversion rate further ahead.

The US Durable Goods Orders figure for July is due in tomorrow, and while a -0.4% decline is predicted, this is by no means guaranteed; even if the forecast is accurate, the current high the ‘Buck’ is going through after passing ‘Black Monday’ and receiving Lockhart’s optimistic speech may negate any negative impacts from a decrease in the result.

US Q2 GDP results are due on Thursday; forecasts are particularly hopeful for the annualised figure with a 1.1% increase expected. On Friday, US Personal Incomes figures are due for release, so any rises above the expected increases will only mean good things for the US Dollar’s performance against the Euro.