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EUR/USD: Euro Drops Under $1.07 as Strong US Economy Buoys Dollar Higher – Trading View
EUROPE, Sept. 8 – An eighth straight week of losses is staring at the European currency as traders flee to the dollar for continued gains.
The EURUSD pair was moving sideways early Friday but recent performance has positioned the euro as one of the biggest decliners on the forex board for the past couple of months. The European currency has erased about 5% of its valuation against the buck since mid-July, sliding from $1.1270 to $1.0680.The exchange rate briefly dipped below $1.07 yesterday and floated above that handle in the European session on Friday. Mounting losses have been the norm for euro bagholders as the European Central Bank is flashing mixed signals over its ability to control inflation and avoid recession by raising interest rates.
And while economies in the old continent battle with a grinding downturn, the US jobless claims report on Thursday surprised with a drop, indicating a robust labor market. The ECB meets next Thursday for the fate of interest rates, and the Federal Reserve gathers Sept. 19-20 for its rate decision.