Euro to Dollar Exchange Rate Extended its Decline to $1.17

Euro to Dollar Exchange Rate Extended its Decline to $1.17

On Monday, the euro to dollar exchange rate extended its decline as investors shifted to risk-off sentiment.

Accordingly, the EUR/USD pair declined 0.21%  to $1.17, approaching its weakest week this month. 

Moreover, market participants shifted to a cautious mood as China Evergrande nears default risk, increasing fears of slow global growth.

Evergrande, the world’s most indebted property developer, crumbled with almost $300 billion of debt.

Consequently, the possibility of default risk could implicate China’s economy as well as the foreign market. 

In addition, investors focused on the upcoming crucial meeting of the Federal Reserve this week. 

Traders looked forward to Fed Chair Jerome Powell withdrawing the economic stimulus by November. 

Meanwhile, Germany’s Producer Price Index (PPI) declined to 1.50% month-on-month from the previous figure of 1.90%. 

Accordingly, it soared to the expected rate of 0.80% month-on-month and surged 12.00% year-over-year from its previous rate of 10.40%.

In addition, it hiked from the analysts’ forecast of 11.40% year-over-year. 

Moreover, the US Dollar index, which traces the greenback against its six rival currencies, climbed 0.15% to $93.33.

Subsequently, the USD to CAD exchange rate soared 0.52 to $1.28. 

The same as the GBP to USD exchange rate as it plunged 0.40% to $1.37. 

Similarly, the USD to JPY exchange rate plummeted 0.36% to $109.56.

Then, the AUD to USD exchange rate dropped 0.39% to $0.72. 

Elsewhere, the EUR to CHF exchange rate fell 0.17% to $1.09.

Likewise, the EUR to JPY exchange rate tumbled 0.48% to $128.31.

Furthermore, the EUR to GBP exchange rate edged up 0.26% to $0.86.

CHF Currency Plunged as Euro to Dollar Slips

Subsequently, the CHF currency plunged as the Euro to Dollar exchange rate slipped.

Accordingly, the USD to CHF exchange rate fell 0.15% to $0.93.

Investors turned their attention to the release of the Switzerland trade balance tomorrow as the previous figure posted $5.64 billion.

Then, the NZD to USD exchange rate shed 0.31 to $0.70. 

Meanwhile, the ZAR currency against the dollar inched up 0.74% to $14.79.

Moreover, Asian currencies mixed as the euro to dollar exchange rate declined. 

In thin trading, the Chinese yuan surged 0.14% to $6.47 as it pared off its recent lows. 

The Singapore dollar rose 0.26% to $1.36 as the Indian rupee improved 0.04% to $73.67.

Also, the South Korean won extended 0.69% to $1,188.92 as the Malaysian ringgit climbed 0.48% to $4.19.