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The euro accelerated its decline against the dollar after the release of statistics on the eurozone


August, 31 2023
watermark Economic news

The euro continued to decline against the dollar after the release of inflation statistics in the eurozone: the current quote of the EUR/USD pair is 1.0844. 


At the same time, the dollar/yen exchange rate is declining to 145.91 yen from 146.24 yen. And the dollar index (the exchange rate against a basket of currencies of six US trading partner countries) is growing by 0.35%, to 103.51 points.


According to a preliminary estimate, annual inflation in the eurozone did not change at the end of August and remained at the level of 5.3% last month. At the same time, analysts expected a slowdown to 5.1%. 


Before that, inflation had been declining for three months in a row, and the European Central Bank at its last meeting in July raised the refinancing rate to 4.25%, thus repeating its historical maximum.


Now tomorrow's data on the US labor market (Non-farm payrolls) will have an impact on the market. Analysts suggest that unemployment in August remained at 3.5%, and the number of people employed in non-agricultural sectors of the economy increased by 170 thousand. 


The Non-farm Payrolls report is important for the US Federal Reserve, whose meeting will take place in September. According to CME Group, 88.5% of analysts expect that the regulator will not raise the discount rate and will leave it at the current level of 5.25-5.5%.



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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.