Ahead of the release of the long delayed and highly anticipated US non-farm payrolls report the Euro was trading against the US Dollar in the region of an eight-month high.
While investors are currently anticipating that the Federal Reserve will refrain from tapering stimulus until next spring, a strong employment report may alter that opinion.
However, as economists expect today’s report to show that the jobless rate held above the Federal Reserve’s target level the Euro’s bullish relationship with the ‘Buck’ could continue into tomorrow.
According to industry expert Noriaki Murao, ‘The Fed tapering this year seems to be off the table. A payrolls number that is slightly stronger than expectations may not spur too much Dollar buying. The risk is that we would see a bigger negative reaction should the payrolls disappoint.’
The Euro is currently trading against the US Dollar in the region of: 1.3670
Against the Pound the Euro was little changed, although with UK public finance figures expected to show that Britain’s trade deficit narrowed, EUR/GBP movement is likely to occur as the morning progresses.
With no influential Eurozone data scheduled for release today Euro fluctuations will be inspired by global economic developments. That being said, investors will also be looking ahead to tomorrow’s consumer confidence index for the Eurozone.
Economists have forecast that the index improved slightly in October, advancing from -14.9 to -14.5.
The expectation that Thursday’s manufacturing/services PMI for Germany and the Eurozone will show expansion could also support the Euro in the days ahead.
Euro (EUR) Exchange Rates
As of 08:50
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3670 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8478 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4155 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6169 <
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4077 <