MARKET UPDATE 08-Mar-19

The euro struggled near a 21-month low against the US dollar this morning. It was hurt by a series of dovish signals from the European Central Bank.

The ECB pushed back the timing of its first post-crisis interest rate hike to 2020. It had cut its economic forecasts and launched a new round of cheap bank loans.

The currency market is bracing for further volatility ahead of U.S. jobs data later in the day.

Economists expect to see 180,000 jobs added in the United States last month, after two months of staggering growth. The U.S. economy added 304,000 jobs in January and 222,000 in December.

Meanwhile, the Australian dollar declined by 0.9 percent this week hitting a two-month low. This came after data showed the economy grew at its slowest pace in two years last quarter.

FX Rates – 08.03.19

 

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