technical analysis of currencies; Euro levels continued their decline against the US dollar at the end of the week's trading for the third consecutive day, recording its lowest level since May 31, against the backdrop of economic data and recent developments in the Eurozone that occurred on Friday.
At exactly 04:02 pm GMT, the euro levels fell against the US dollar by 0.28%, to reach at 1.1183 from the opening level of the trading session at 1.1214, and the pair recorded the highest level at 1.1237, while it recorded the lowest level at 1.166, the lowest since the end of May.
The countries of the Eurozone issued a set of important economic data, which were in total negative, as the German economy showed a shrinking surplus in the current account and trade balance for the month of April, contrary to what was expected, and the French economy announced the widening of the general budget deficit of the French government and the decline in production. The industrial sector for the month of April, while the Italian economy announced a decline in unemployment levels during the first quarter of this year.
These weak data came after the European Central Bank released the results of its meeting yesterday, in which it emphasized keeping interest rates at their current levels unchanged. Cash until the end of the current year and is likely to extend for another period if necessary to do so.
Draghi added that the bank raised its expectations for economic growth rates and inflation rates against the backdrop of the recent positive economic data for the eurozone, which included a rise in the Purchasing Managers Index to its highest level since 2011 and an increase in the number of jobs added by 5 million jobs during the past three years, in addition to a drop in unemployment rates to its lowest level. Since 2009, which indicates good economic growth for the region.
Draghi stressed that the monetary stimulus program, which currently amounts to about 60 billion euros per month, is working well and is going in the right direction with the stability of prices in the region.
technical analysis of currencies; An analysis of the euro against the US dollar
The US dollar is rebounding from its highest levels in an attempt to target the support level in conjunction with the presence of the Fibo line 23 on the time frame, as shown in the graphic
- US Dollar largely erases 2024 gains amid expectation of federal rate cuts. - 17 September, 2024
- Rare currency pairs in the Forex market - May 26, 2023
- Key tips for traders in Forex Market - April 20, 2023
