Forex

Euro falls off two-week high against dollar

2018-09-14 18:01:19 GMT (Economies.com)

Euro fell in American trade off August 28 highs against the greenback, while still heading for the first weekly profit in three, following earlier data from the euro zone and the US. 

 

As of 03:54 GMT, EUR/USD shed 0.23% to 1.1663, with an intraday low at 1.1655, and a two-week high at 1.1609. 

 

Earlier data from the euro zone showed the trade surplus receded to €12.8 billion from €16.5 billion in June.

 

Bank of France governor François Villeroy de Galhau said in earlier remarks that France's economy is still growing above averages, although below EU counterparts for need of further reforms. 

 

The European Central Bank voted yesterday to hold the main refinancing rate at zero, the deposit rate at minus 0.40%, and the quantitative easing program at €15 billion a month until December. 

 

At the post-meeting press conference, ECB President Mario Draghi expected interest rates to remain unchanged until summer 2019 or longer if needed. 

 

He also maintained inflation estimates until 2020 and cut growth forecasts for this year and the next, noting that the risks of the trade dispute with the US are becoming more pronounced. 

 

US Retail Sales, Industrial Data 

 

Earlier US data showed retail sales rose 0.1%, slowing down sharply from 0.7% in July, and missing estimates of 0.4%. 

 

Import prices fell 0.6% m/m, compared to no change in July, while analysts expected a 0.2% drop. 

 

US industrial production rose 0.4% in August, same as July, and beating estimates of a 0.3% increase. 

 

The capacity utilization rate rose to 78.1% from 77.9% in July, missing  estimates of 78.3%. 

 

University of Michigan released its survey on consumer sentiment, showing a surge to 100.8 in September, the best in six months, from 96.2 in August, beating estimates of 96.7. 

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