{"id":96763,"date":"2020-02-28T04:00:01","date_gmt":"2020-02-28T09:00:01","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=96763"},"modified":"2020-02-28T09:00:37","modified_gmt":"2020-02-28T14:00:37","slug":"102534-eur-usd-euro-holds-1-10-after-historically-bad-day-on-wall-street","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102534-eur-usd-euro-holds-1-10-after-historically-bad-day-on-wall-street\/","title":{"rendered":"EUR\/USD: Euro Holds $1.10 After Historically Bad Day On Wall Street"},"content":{"rendered":"

The euro<\/a> surged versus the weaker dollar<\/a> in the previous session. The EUR\/USD<\/a> exchange rate soared over 1% hitting a high of US$1.1006.<\/p>\n

The euro found support from German fiscal stimulus hopes and better than forecast sentiment data whilst the dollar came under pressure as investors increased the odd of a rate cut by the Federal Reserve.<\/p>\n

Can Euro Advance Further With Coronavirus Spreading in Europe?<\/h2>\n

The euro<\/a> is consolidating gains in early trade after an impressive rally on Thursday. \u00a0The euro also received support in the previous session from stronger than forecast Eurozone sentiment data. Like the PMI\u2019s, Germany\u2019s IFO indicator, the European Commission\u2019s sentiment data showed an improvement in February. However, the survey was carried out in the first 2\/3 weeks of February, before the number of coronavirus cases really took off in China and before the outbreak in Italy and the rest of Europe took hold.<\/p>\n

Today investors will look towards a host of macro release including French GDP, German unemployment and inflation. Whilst the euro has surged 1.5% so far this week, it is difficult seeing to advance further with coronavirus spreading across Europe so rapidly.<\/p>\n

Dollar Relinquishes Safe Haven Status<\/h2>\n

Fear struck US assets hard on Thursday, including the US dollar. The US stock market the Dow Jones experienced its biggest one day sell off in history and the US dollar relinquished its safe haven status. \u00a0Investors dumped the dollar, which fell lower versus all majors except the Canadian dollar.<\/p>\n

The dollar has lost its safe haven status because investors fear that the US will be the next place to experience a sharp rose in coronavirus cases. Earlier this week the CDC warned of more outbreaks in the US and President Trump failed to calm the jittery markets. Investors are now pricing in a 71% probability that the Federal Reserve will cut interest rates in March; this was up from 41% 24 hours ago and 23% at the start of the week. Investors are also assuming that the Fed will cut rate three times now across the year.<\/p>\n

So far Fed Chair Jerome Powell has kept quiet, but he may be forced to speak sooner rather than later.<\/p>\n

Today investors will continue to watch coronavirus headlines closely. Personal consumption expenditure, the Fed\u2019s preferred measure of inflation could briefly grab investor attention,<\/p>\n

 <\/p>\n

\n
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The euro surged versus the weaker dollar in the previous session. The EUR\/USD exchange rate soared over 1% hitting a high of US$1.1006. The euro found support from German fiscal stimulus hopes and better than forecast sentiment data whilst the dollar came under pressure as investors increased the odd of a rate cut by the […]<\/p>\n","protected":false},"author":163946597,"featured_media":5643,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1381],"tags":[2139,2429,1395,2412,1393,1408,1397,1398],"class_list":{"0":"post-96763","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-usd","9":"tag-coronavirus","10":"tag-dow-jones","11":"tag-eur","12":"tag-eur-usd","13":"tag-euro","14":"tag-fed","15":"tag-us-dollar","16":"tag-usd"},"acf":[],"yoast_head":"\nEUR\/USD: Euro Holds $1.10 After Historically Bad Day On Wall Street - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/102534-eur-usd-euro-holds-1-10-after-historically-bad-day-on-wall-street\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102534-eur-usd-euro-holds-1-10-after-historically-bad-day-on-wall-street\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102534-eur-usd-euro-holds-1-10-after-historically-bad-day-on-wall-street\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"EUR\\\/USD: Euro Holds $1.10 After Historically Bad Day On Wall Street\",\"datePublished\":\"2020-02-28T09:00:01+00:00\",\"dateModified\":\"2020-02-28T14:00:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102534-eur-usd-euro-holds-1-10-after-historically-bad-day-on-wall-street\\\/\"},\"wordCount\":642,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102534-eur-usd-euro-holds-1-10-after-historically-bad-day-on-wall-street\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100662-gbp-eur-pound-declines-light-data.jpg\",\"keywords\":[\"coronavirus\",\"dow jones\",\"eur\",\"eur\\\/usd\",\"euro\",\"fed\",\"us dollar\",\"usd\"],\"articleSection\":[\"EUR\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102534-eur-usd-euro-holds-1-10-after-historically-bad-day-on-wall-street\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102534-eur-usd-euro-holds-1-10-after-historically-bad-day-on-wall-street\\\/\",\"name\":\"EUR\\\/USD: Euro Holds $1.10 After Historically Bad Day On Wall Street - 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