The Euro (EUR) extended its losses versus the US Dollar (USD) in the early trading session on Wednesday, even though economic data from the United States (US) portrays the economy is slowing down, but high inflation pressures keep the US Federal Reserve (Fed) under pressure to deliver price stability.
US economic slowdown and high inflation pressures keep the Federal Reserve focused on price stability. Mixed US employment data and a rally in US bonds contribute to a weaker US Dollar. Lack of new Eurozone data leaves traders relying on Tuesday's figures, justifying ECB's pause on tightening. The EUR/USD is trading at 1.0540, down 0.32%. EUR/USD down 0.
In addition to that, business activity in the manufacturing front is losing steam as the ISM Manufacturing PMI for October dropped below the 50 contraction/expansion threshold for twelve straight months, sponsored by the fall in New Orders, while Manufacturing Prices rose.
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