The Euro fell in European trade for another session off five-week highs on active profit-taking, amid mounting risks about European growth and after an interest rate cut in China.
The Dollar is also gaining considerable ground following disappointing Chinese data, which cast doubt on the overall performance of the global economy.
EUR/USD fell 0.6% to 1.0192, after losing 0.6% against dollar, the first loss in five days, off five-week highs at 1.0369 on profit-taking.
Euro maintained a 0.8% profit last week against dollar, the third weekly profit in a month.
Analysts continue to doubt economic growth prospects in Europe as energy supplies collapse due to the ongoing crisis in Ukraine, in turn hurting euro’s standing.
The People’s Bank of China earlier cut interest rates unexpectedly, on one-year lending rates to certain loans by 10 basis points to 2.75%.
A batch of weak Chinese industrial data boosted haven demand on the greenback, ahead of important US retail sales data and the Fed’s minutes.
Have your trading chart ready!
This Week’s High Impact Events
The times below are GMT +3.
Tuesday 16th August
15.30 – Canada – CPI m/m
Potential instruments to Trade: CAD Crosses.
Wednesday 17th August
04.30 – Australia – Wage Price Index q/q
Potential instruments to Trade: AUD Crosses.
05.00 – New Zealand – Official Cash Rate, RBNZ Monetary Policy Statement, & RBNZ Rate Statement.
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