Euro looses steam

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The Euro is under further pressure today against its US counterpart after data out of the US came in above expectations.

At 1.21pm (GMT) the Euro was trading at US$1.1158 down 0.20 percent from yesterday’s trading.

After jumping last week on dovish comments from the US Federal Reserve the Euro has racked up 5 consecutive days of losses, almost giving back all the gains.

Data out of America didn’t help the Euro’s cause today with the latest durable goods figure coming in at -2.8 percent which was slightly better than predictions for a figure of -2.9 percent.

The most important number was the Initial jobless claims figure which hit the market at 265,000 against a consensus of 268,000 adding more evidence of a solid employment market in the US.

The Jobs market is one of the main indicators for the US Federal Reserve in their effort to lift interest rates again and such numbers will only help the cause.

There are now 4 out of 5 US Fed members calling for the central bank to lift rates as early as next month so today’s news is only likely to help their case for a rate hike.

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