Since Monday, the European common currency has been slipping more and more into dollar trading. Further dramatic slumps are likely to follow in the course of Friday.
The euro was lower on Friday, continuing the losses since the beginning of the trading week. The common currency was trading at $ 1.0842 in the morning, slightly lower than the previous day.
The European Central Bank (ECB) had last set the reference rate on Thursday afternoon at $ 1.0906 (Wednesday: 1.0936).
Since Monday, the euro exchange rate in dollar trading has fallen and slipped by more than two cents on a weekly basis. In the meantime, more and more economic data are shedding light on how badly the economy in the Eurozone will be affected by the consequences of the corona crisis.
In the morning, investors will have new data on the mood of purchasing managers in the service sector. A dramatic slump is expected.
Labor market data from the USA are currently in particular focus. In the afternoon, the US government’s labor market report is expected for March. Because of the aftermath of the virus pandemic, the number of initial jobless claims in the world’s largest economy has skyrocketed in recent weeks.
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