Euro Loses its Footing Against the US Dollar

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Wibest – Euro: Euro bills, coins and a calculator.

Wibest – Euro: Euro bills, coins and a calculator.

The single currency slipped against the greenback in today’s trading as the Central Bank of Germany warns about the slowing economic activity.

The EURUSD trading pair was seen edging up by 0.01% to 0.05% in sessions. The trading pair reached ranges between $1.1074 and $1.1089 in Tuesday’s trading sessions.

Recently, Germany’s central bank warned about the possibility of their economy to decline this quarter. The bank also added that the ECB may release new stimulus as a response to the possibility of a recession.

Aside from the euro to greenback pair, Europe’s single currency had mixed results against other major currencies.

The EURCAD slipped 0.04%, or 0.0006 points, trading at CA$1.4751 against its last close of CA$1.4751. The EURAUD went down 0.22%, or 0.0036 points, trading at AU$1.6333 in Tuesday’s sessions.

The EURCHF exchange pair declined 0.16%, or 0.0018 points. The pair presently exchanges at Fr1.0852 and has hit ranges of Fr1.0851 to Fr1.0883.

Meanwhile, the EURGBP gained 0.28% or 0.0027 points in today’s trading. The EURGBP is currently trading at £0.9159 and has reached levels from £0.9129 to £0.9167.

More on the Greenback

Wibest – Euro: Close up shot of US dollar bills.

Despite its gains from the euro, the greenback is in for a wild and volatile ride this Tuesday’s trading. Experts say that the strength of the USD comes from Trump’s trade war against China.

US President Donald Trump has previously blamed the US Federal Reserve for the strength of the dollar. However, critics and investors do not agree with the president.

Because of the tension, the US dollar remains in the options of traders along with other safe haven assets.

Aside from the euro, the USD also gained against the AUD but has lost against the GBP.

The AUDUSD trading pair inched up 0.24% or 0.0017 points in today’s trading session. The pair currently trades at $0.6779 and has reached levels between $0.6754 and $0.6754.

Meanwhile, the GBPUSD pair declined by 0.29% or 0.0035 points. The pair presently exchanges for $1.2090 compared to its previous close of $1.2125.

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