Dollar Pushes To 3-Year Best Versus Euro

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Dollar Pushes To 3-Year Best Versus Euro

FEBRUARY 18, 2020

The U.S. dollar is on the offensive again this morning after taking a break for the President’s Day holiday.

Overview

The greenback has made the most gains against commodity-based currencies.  Apple, Inc. reported that they will miss their revenue forecasts, fingering coronavirus related slowdowns at Chinese factories.  The Australian dollar is half a percent lower and the New Zealand dollar and Norwegian krone are also under pressure.

The U.S. economic docket is fairly light today.  The Empire State manufacturing report was better-than-expected, allowing the greenback to extend its gains.  There are five Fed speakers on tomorrow’s docket in addition to the release of the FOMC’s minutes from their latest meeting at 2 p.m.

What to Watch Today…

  • No major events scheduled for today.

Complete Economic Calendar can be found here.

EUR

The Euro is again under selling pressure this morning as it touched a three-year low against the U.S. dollar.  The most recent dip lower for the Euro was caused by data out of Germany that showed investor confidence came out weaker than expected.  The -15.7 reading failed to miss already low expectations of -10.0 print.

The Euro is 3.5% weaker in 2020 versus its American rival.

GBP

The British pound popped higher overnight before losing some of its gains in early trading.  The sterling bump can be attributed to a bright employment report that showed jobs grew by 180K in the three months to December, beating expectations of a 148K increase.

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