Euro slips below $1.36
EUR/USD is trading at $1.3590, down 0.14% on the day as Germany factory orders revealed a larger-than-expected drop in May. The euro had already been in a downward trend before the US jobs report smashed expectations, and this announcement pushed the currency pair below the $1.36 mark.
Ordinarily, the European Central Bank interest rate decision and press conference would have gathered more interest. However, because there was no change to monetary policy and additional significant news, Mario Draghi’s statement gave traders little to work with.
The ECB is likely to keep rates unchanged for the next quarter, and I suspect the eurozone will continue to produce underwhelming economic indicators that could lead to additional easing, as Brenda Kelly previously outlined.