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Sluggish Data Drives Euro South

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EUR   

The euro lost ground against rivals on softer economic data. The August German IFO Business Climate Index which marks the current German business climate and measures the expectations for the next six months dropped to 94.3, its lowest reading since March 2010. Moreover, the final reading of the second-quarter German GDP figures came in at -0.1%, to prove that the economy contracted in the three months to June. The recent sluggish economic data are piling up investors’ concerns over the economic outlook of the region, suggesting that the European Central Bank should apply monetary policy easing measures to support the economic activity. The EURUSD tumbled to $1.1094, and the EURJPY dropped to 117.21.

USD

The dollar index, which measures the greenback against a basket of major currencies, recovered from a two-week low of 97.17 to settle higher at 98.04. The recent escalation over trade between China and the United States forced investors to rush to safety, the US 10-year yields dropped to a three-year low of 1.44%, increasing the expectations of further interest rate cuts by the Federal Reserve in the coming meeting. However, Trump announced that China and the US are back at the table to negotiate a deal, easing investors’ concerns, and driving the stock-index futures and the buck higher.

Metals

Gold prices edged higher ahead of the European trading session amid growing investors’ concerns over the global economic outlook. The weakening economic data from Germany and China suggest that central banks would ease their monetary policy, which is gold positive. The price of a gold ounce rose to $1533 after finding support at $1526, and the price of silver ounce climbed to a two-year high of $17.756.

Oil

Oil prices surrendered earlier gains on possible US-Iran meeting. The French president Emmanuel Macron revealed that there are preparations for a meeting between the US President Donald Trump and the Iranian President Hassan Rouhani to reach a deal which could end the nuclear standoff. Such an event would help in easing the geopolitical tension in the Middle East, which was supportive for oil prices in the near past. The West Texas Intermediate crude futures dropped to $53.57, and Brent futures plunged to $58.56.

Major Economic Events

GMT Country Event Expectation Previous

14:00

US

CB Consumer Confidence (Aug)

129.5

135.7

20:30

US

API Weekly Crude Oil Stock

 

-3.500

 

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