By: Barbara Zigah
Yesterday’s disappointing reading in U.S. consumer confidence suppressed investor risk appetite and prevented the Euro from holding onto a 3-week high versus the U.S. Dollar in Monday’s trading. Nonetheless, the Euro edged up in today’s trading in London, propped up by a .8% increase in European share prices. Trading is subdued though, as investors wait for data on manufacturing activity in Europe which is expected later today.
As reported at 7:07 a.m. GMT in London, the Euro traded at $1.4065 versus the U.S. Dollar, an increase of .2%. The U.S. Dollar Index, a gauge of the Greenback’s performance versus six major currencies, remained steady at 80.100 .DXY. Versus the Japanese Yen, the U.S. Dollar traded at 96.85 Yen, a gain of .5%.
Analysts speculate that the market will continue to exercise caution until Thursday’s release of labor data from the U.S., which will give investors an indication as to whether or not the American job market deterioration is finally beginning to stabilize. It is believed that the report will indicate that 363,000 jobs were lost in June, an increase of nearly 5.2% from the previous month. The European Central Bank will also issue a policy announcement on Thursday, which investors are anxiously awaiting.
Euro Edges up on Poor U.S. Consumer Confidence Data
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.