FRANKFURT (dpa-AFX) – The price of the euro fell slightly further on Friday after the publication of important US economic data. In the afternoon, the common currency was trading at $1.1622. Before the monthly US labor market data was published in the early afternoon, it was around $1.1644.
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In the USA, the situation on the labor market was mixed at the end of last year. While the increase in employment was weaker than expected, the unemployment rate fell slightly. However, the data is still likely to be grist for the mill of those who are demanding that the US Federal Reserve Bank cut interest rates more quickly. Although there has been little change in general expectations at the moment, as attention remains focused on the replacement of the Fed’s head position, as Jerome Powell’s term of office ends in May.
Meanwhile, the mood of US consumers improved surprisingly significantly in January, as shown by the consumer climate survey by the University of Michigan. However, almost all interviews for the survey were conducted before the recent U.S. intervention in Venezuela.
Better-than-expected production data from Germany failed to give the euro a boost this morning. In November, production in industrial companies surprisingly continued to rise, raising hopes of an end to the crisis in this important sector of the largest economy Eurozone stoked. Meanwhile, German foreign trade developed weaker than expected.
US economic data had recently been better than expected, which had supported the dollar in recent trading days and in turn weighed on the euro. Overall, the euro exchange rate has been moving in a rather narrow range since the middle of last year./mis/men
