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USD/EUR currency chart: 1.00 USD = 0.9247 EUR

DXY rebounds slightly following Friday’s 14-month low

Daily Currency Update

The US Dollar Index (DXY) was up slightly so far today near the 100.53 level after falling to a 14-month low on Friday. The Chicago Purchasing Manager’s Index (PMI), which measures the economic health and business conditions of the Chicago area’s manufacturing and non-manufacturing sectors, came in slightly higher than expected at 46.6 versus the anticipated 46.1. While there is not much new data today in the US, Federal Reserve Chair Jerome Powell is set to speak later today, and markets will be looking ahead to employment data later this week that could help dictate future rate decisions. The USD was up versus the EUR, but down versus GBP, AUD, and CAD slightly.

Key Movers

In Eurozone news, consumers lowered their inflation expectations to the lowest level in almost three years, indicating that the European Central Bank (ECB) could be nearing success in controlling prices. This data came to light via the Consumer Expectations Survey, which measures household confidence in the ECB’s ability to reduce inflation to its 2% target. Additionally, the German Preliminary Consumer Price Index (CPI) month-over-month came in lower than expected at 0% versus the expected 0.1%. CPI measures the average price change consumers pay for goods and services. So far today the EUR is down versus the USD, GBP, and CAD.

Last week and today, there was very little economic data from the UK, so monetary policy expectations drove the pound’s movement. Market participants anticipated the Bank of England (BoE) will lower rates by just 25 basis points (bps) in the two remaining council meetings this year. The bank began policy normalization by cutting rates by 0.25% in August, but left rates unchanged at its last meeting. GBP was up versus the USD and EUR, and slightly down versus the CAD this morning.

The Loonie held steady so far today for the Canadian banking holiday. Markets are looking ahead to tomorrow’s Manufacturing PMI release which could cause some movement to the CAD. The Canadian dollar was slightly up against the USD and EUR so far this morning but down versus the GBP and AUD.

Expected Ranges

  • EUR/USD: 1.1150 – 1.1208 ▼
  • GBP/USD: 1.3364 – 1.3422 ▲
  • AUD/USD: 0.6894 – 0.6941 ▲
  • USD/CAD: 1.3488 – 1.3526 ▼

Written by

Weston Blystone

OFXpert

Weston is on a mission to help people make the most out of their foreign exchange transfers. As Corporate Client Associate at OFX, he collaborates closely with businesses, guiding them and providing invaluable insights into foreign exchange strategies to mitigate risk effectively. Always eager to deepen his understanding and share his expertise with others, Weston finds great satisfaction in working with diverse individuals providing currency risk management strategies.

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USD Snapshot

  • Currency name: United States dollar
  • Currency code: USD
  • Currency symbol: $, US$
  • Central bank: Federal Reserve
  • Central bank website: https://www.federalreserve.gov/
  • Reserve currency: The United States dollar is considered a reserve currency.
  • Safe haven: The United States dollar is considered a safe haven currency.
  • Countries used in: United States
  • Major unit: One United States dollar
  • Minor unit: One cent
  • Minor units (cents) per United States dollar: 100
  • Note denominations: $1, $5, $10, $20, $50, $100
  • Coin denominations: 1¢, 5¢, 10¢, 25¢, 50¢, $1

The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, also referred to as American dollar, or informally known as the 'buck') is the official currency for the USA, Ecuador, El Salvador, British Virgin Islands, Turks and Caicos Islands, Caribbean Netherlands, Palau, Federated States of Micronesia, Marshall Islands, and East Timor.

EUR Snapshot

  • Currency name: Euro
  • Currency code: EUR
  • Currency symbol: €,
  • Central bank: European Central Bank (ECB)
  • Central bank website: https://www.ecb.europa.eu/careers/vacancies/html/index.en.html
  • Reserve currency: The Euro is considered a reserve currency.
  • Safe haven: The Euro is not considered a safe haven currency.
  • Countries used in: Germany, France, Spain, Italy, Portugal, Netherlands, Greece, Belgium, Austria, Ireland, Malta, Slovenia, Latvia, Cyprus, Luxembourg, Estonia, Slovakia, Lithuania, Andorra, Finland, Monaco, Montenegro, San Marino, Vatican City, Kosovo
  • Major unit: One Euro
  • Minor unit: One cent
  • Minor units (cents) per Euro: 100
  • Note denominations: €5, €10, €20, €50, €100
  • Coin denominations: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2

The euro (symbol: €; code: EUR) is the official currency of 19 of the 27 member states of the European Union.

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