Forex Marketz Daily Forex News – Fully Markets Update
The euro inched off a 6 ½ month low this morning during Asian trade hours. The euro is recovering from steep losses seen last week. There were investor concerns regarding political turmoil in Italy. These concerns are still limiting the euro’s recovery.
The EUR/USD Forex market was up today. It rose 0.35 percent to trade at $1.1693. This comes after losing ground on Friday to trade at $1.1646. This was the common currency’s lowest price point since November. The EUR shed over once percent last week.
The U.S. dollar index, which gauges the dollar against six other Forex majors, was trading at 94.106. The dollar gained ground last Friday to trade at 94.248. That was its highest since November 14. The dollar gained against a weak euro.
The USD/JPY Forex market, was up 0.3 percent to 109.670 yen this morning. The yen fell thanks to risk aversion. President Donald Trump said that a U.S. team had was in North Korea to prepare for a summit with the North Korean leader, Kim Jong Un.
Euro Traders watch Italian Political Headlines
Italy’s president, yesterday, rejected a Eurozone skeptic pick for the country’s economy ministry. This led to the two populist parties to give up on plans to form a coalition. This could now lead to a possible constitutional crisis.
In other headlines, in Europe, Spain’s prime minister, Mariano Rajoy also found himself in hot water. He is being threatened with no-confidence motions. There are also calls for a snap election.
Looking at last week’s economic calendar, data showed that the German PMI data as down. It fell to a 20 month low for the month of May. This signals that economic growth and recovery Europe’s biggest economy could be slowing.
The April European Central Bank minutes for their monetary policy meeting indicated that they are worried about an economic slowdown in the Eurozone. They are also concerned over the political unrest in Italy.
