Euro Hits Fresh 2-week Low Against U.S. Dollar
03 Januar 2024 - 8:41AM
RTTF2
The euro registered losses against the U.S. dollar during the
European session on Wednesday, after a data showed that German
unemployment rate increased slightly at the end of the year.
Data from the Federal Labor Agency showed that the jobless rate
edged up to 5.9 percent in December from revised 5.8 percent in the
previous month.
The rate was forecast to remain unchanged at November's
initially estimated level of 5.9 percent.
Unemployment rose only 5,000 in December compared to an increase
of 21,000 in November and 29,000 in October, the ministry said.
Economists had forecast a monthly rise of 20,000 for December.
According to the labor force survey results, published by
Destatis, the jobless rate remained unchanged at adjusted 3.1
percent in November. The number of people out of work increased
5,000 from the previous month to 1.36 million in November.
The currency was further weighed by a stronger dollar ahead of
key U.S. labor market data and the release of FOMC meeting minutes
this week.
The euro touched 1.0920 against the greenback, its lowest level
since December 19. The currency may possibly face support around
the 1.06 level.
The euro reached as low as 0.8647 against the pound. The
currency is likely to locate support around the 0.84 level.
The euro was trading at 1.4574 against the loonie and 1.7485
against the kiwi, down from an early high of 1.4611 and a 5-day
high of 1.7530, respectively. The currency is poised to challenge
support around 1.42 against the loonie and 1.70 against the
kiwi.
In contrast, the euro climbed against the yen and the franc and
was trading at 155.97 and 0.9333, respectively. The next possible
resistance for the currency is seen around 158.00 against the yen
and 0.96 against the franc.
The euro remained firm against the aussie, touching a 5-day high
of 1.6231. On the upside, 1.65 is possibly seen as its next
resistance level.
Looking ahead, ISM manufacturing PMI for December will be
released in the New York session.
The Fed minutes from the December 12-13 meeting will be
published at 2 pm ET.
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