The common currency Euro moved higher during trading on Monday as investors’ worries over a brooding trade war seem to have ebbed. In the Eurozone, markets will scrutinize the finance ministers’ meeting for thoughts on the US President’s protectionist posturing and the latest imposition of import tariffs on certain goods. Despite the trade war agenda, analysts say that the Euro will be tough to “talk down” given the current account surplus which stands at 3.5% of Eurozone GDP and the Euro’s relative lack of volatility.
As reported at 10:03 am (GMT) in London, the EUR/USD was trading at $1.2312, a gain of 0.06% and off the earlier struck peak of $1.23409 while the low is a distant $1.23050. The EUR/GBP is trading at 0.8885 Pence, up 0.01%; in today’s trading session, the pair has ranged from a trough of 0.8880 Pence to a peak of 0.88967 Pence.
Dollar Riding Higher after NFP
The US Dollar continues to find support from investors after Friday’s unexpectedly upbeat jobs report. The US Labor Department reported 313,000 new private sector jobs in February, well above the 200,000 predicted. The unemployment rate was unchanged at 4.1%, though analysts had expected it to decline to 4.0%. the weekly average earnings report was disappointing with a fall to 2.6% in February while January’s numbers were revised downward. Ahead for the week, tomorrow personal inflation figures will be released while producer inflation numbers come out on Wednesday, as does retail sales figures.