The Euro vs. Dollar fight continues

The Euro vs. Dollar fight continues

By: James Ansher | Where To Trade | On:Monday, 05 December 2016
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   On Monday, the Euro fell to its 20 month record low against the dollar, influenced by the Italian referendum results on changing the national constitution, results that made Prime Minister Matteo Renzi to resign. 

The EUR/USD pair fall to 1.0645, after previously hitting its lowest low since March of 2015. 

In the EUR/JPY. the Euro fell to 120.16 and then setting to 121.41. 

The EUR/GBP pair fall earlier to 0.8305, lowest since July. Further on, the EUR/GBP stabilized at 0.8367.

Matteo Renzi said that he would resign after citizen in Italy voted "No" at the referendum for reforming the constitution. Now, Italy's financial health is questioned, especially the country's banking sector.Banks in Italy have a bad reputation of loans and and is suspected of a possible full-blown bailout from ECB (The European Central Bank).

Monte dei Paschi di Sienas is Italy's third largest lender and has to raise 5 billion euros by the end of this year. 

This complex situation made the dollar go higher against many currencies.

The U.S. dollar index rose at 100.93, up by 0.19%.

Also, according to data on Friday, the U.S. economy added 178,000 jobs in the month of November, compared to the month of October. The unemployment rate dropped to 4.6%, reaching a nine-year low.

In the report were also included data about the average hourly earnings in November, that fell by 0.1% from October. Also, the annual rate of wage growth was showing signs of slowing down in November. 

The Greenback also rose against the Yen, USD/JPY pair went up 0.48%, off its 9/2 month high achieved last week, currently at 114.07.

The GBP/USD pair closed at 1.2724 before the UK's survey data on service sector activity.

In the New Zealand, the NZD was also low, by 0.57%, at 0.7099. New Zealand's Prime Minister John Key announced his resignation taking everyone by surprise. His resignation came after 8 years of holding the power. 

 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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