The course of development of the exchange rate of the single European currency euro (EUR) against the US dollar (USD), as the world’s reserve currency within the forex operations of the foreign exchange market in the last 48 hours or so, developed in a relatively more dynamic business trend with higher volatility. This global currency pair EUR/USD was still trading around European noon on Tuesday 29/08/2023 at a mutual exchange rate value of 1.081 USD per EUR and the following day, on Wednesday 30/08/2023 during the European morning, around 5: 49 CET was the exchange rate of this currency pair of 1.087 USD per EUR.
Currently, during the European morning of Thursday, August 31, 2023, at approximately 6:16 CET, the mutual exchange rate of this so-called global currency pair was at a value of 1.092 USD per EUR, with a daily decrease of EUR by -0.028% so far against the USD. This current state of the business trend, when again the US dollar (USD) began to strengthen against the EUR, the analysts of brokerage companies in connection with the financial strategists of the foreign exchange market explain the standard selection of the profit achieved by investors and traders of the forex market during this increase in the exchange value of the single European currency, the euro ( EUR) against the US dollar (USD). This current exchange rate of the EUR/USD currency pair was achieved in a situation where the exchange value of USD measured by the dollar index DXY (US Dollar Currency Index) was almost balanced according to the movement of the point balance with the point balance of 103.17 USD points and daily only technical growth by 0.01% of the point value according to this index.
An interesting fact, according to the announcement of economic correspondents in connection with the analysts of brokerage companies, is the fact that during the European morning of 31.8.2023, the single European currency euro (EUR) against the Japanese yen (JPY) reached a 15-year high when this currency pair was traded at a mutual exchange rate of 159.75 JPY per EUR. Currently, during the European Thursday morning on 31/08/2023, at approximately 6:32 CET, this currency pair EUR/JPY was trading at the rate of 159.43 JPY per EUR with the daily weakening of the EUR by -0.20% due to profit taking by forex market participants. However, the European currency euro is already losing this growth rate of its exchange value both against the Swiss franc (CHF) and especially against the British pound (GBP), when on the indicated day and time the currency pair EUR/CHF traded at a rate of 0.959 CHF per EUR with the previous daily weakening of the EUR by -0.01% of the exchange rate. The EUR/GBP currency pair was then traded within the framework of forex operations of the foreign exchange market already in the decline of EUR against GBP by -0.07% of the daily movement rate at the rate of 0.858 GBP per EUR.
According to the financial strategists of the foreign exchange market in connection with the analysts of investment banks, the further development of the exchange value of both the single European currency Euro (EUR) and the US dollar (USD) and the subsequent mutual exchange rate of this global currency pair EUR/USD will depend on macroeconomic data that will published during today’s Thursday 31.8. and tomorrow Friday 1/9/2023. By these economic data, these analysts mainly mean the state of inflation in the countries of the European Union and in particular the eurozone, as well as important indicators from the labor market in the USA. So the US payroll data will be released as early as tomorrow, Friday 01/09/2023, and the USD is under pressure as this week’s secondary numbers, such as job vacancies and private payrolls, pointed to softness. Based on these facts, the continued strengthening trend of the EUR against the USD can be assumed, according to economic correspondents.