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Euro Rallies to New 2-Month Highs as Dollar Falls to 2-Month Lows

October 18, 2019 at 16:47 by Simon Mugo

Euro coins and EUR banknotes closeupThe euro today rallied to new 2-month highs as the US dollar extended its losses by falling to fresh 2-month lows amid a risk-on market environment. The EUR/USD currency pair rallied to its daily highs in the American session amid multiple speeches from Fed speakers.

The EUR/USD currency pair today rallied from a low of 1.1115 to a high of 1.1159 in the American session and was near these highs at the time of writing.

The currency pair traded sideways with little direction during the Asian session before rallying slowly in the early European session. The pair’s gains were limited by the lack of volatility in the Forex markets due to the lack of any significant fundamental releases. The release of the upbeat eurozone current account data for August contributed to the pair’s muted rally. According to the European Central Bank, countries in the euro area recorded a current account surplus of €27 billion in August as compared to the €22 billion recorded in July 2019. This was the only release from the eurozone, and US dollar dynamics drove the pair’s next moves.

The pair fell slightly in the early American session as the Federal Reserve’s Robert Kaplan, Neel Kashkari and Esther George delivered speeches. However, the pair rallied later as the US Dollar Index fell to a new 2-month low of 97.36.

The currency pair’s future performance is likely to be affected by trade and Brexit headlines over the upcoming weekend.

The EUR/USD currency pair was trading at 1.1154 as at 16:46 GMT having rallied from a low of 1.1115. The EUR/JPY currency pair was trading at 121.00 having risen from a low of 120.68.

If you have any questions, comments, or opinions regarding the Euro, feel free to post them using the commentary form below.

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