- EUR/USD falls sharply, driven by increased demand for the Dollar following Trump’s hawkish cabinet appointments.
- US Dollar Index reaches a six-month high of 106.15, boosted by risk aversion in equity markets.
- Upcoming US inflation data eyed; potential reacceleration of inflation could influence Fed’s policy direction.
The Euro plummets sharply against Greenback, cracks below the 1.0600 figure for the first time since November 2023, refreshes new yearly lows at 1.0594. At the time of writing, the EUR/USD trades at 1.0598.
EUR/USD dips below 1.0600, hitting 1.0594 as traders flock to the safety of the US Dollar
Risk aversion keeps US equities pressured, while investors seeking safety, ditch the shared currency, and bought the US Dollar. The US Dollar Index (DXY) which tracks the performance of the buck against six peers, climbs to a six-month high of 106.15 up by over 0.60%.
US President Elect Donald Trump appointed Mike Waltz as National Security Advisor and Marco Rubio as Secretary of State, who are known to have a tough stance on China. This increased fears amongst traders, as tariffs looming, could spark a reacceleration of inflation as the Federal Reserve, embarked to ease monetary policy.
Traders are also eyeing the release of US inflation data on November 13. Estimates suggest that headline and core inflation is expected to remain halt its disinflation process, due in part to the robustness of the US economy.
EUR/USD Price Forecast: Technical outlook
Once the EUR/USD has cleared 1.0600, further downside is seen. The next support would be the November 1, 2023 daily low at 1.0516, before testing the 1.0500 figure. Conversely, if buyers emerge and lift the exchange rate above 1.0600 the next resistance would be the November 11 daily low of 1.0628, followed by 1.0700.
Indicators such as the Relative Strength Index (RSI), indicates bears are in charge.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the British Pound.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.51% | 1.08% | 0.81% | 0.20% | 0.85% | 0.86% | 0.27% | |
| EUR | -0.51% | 0.56% | 0.30% | -0.31% | 0.34% | 0.34% | -0.24% | |
| GBP | -1.08% | -0.56% | -0.26% | -0.86% | -0.22% | -0.23% | -0.80% | |
| JPY | -0.81% | -0.30% | 0.26% | -0.60% | 0.06% | 0.05% | -0.52% | |
| CAD | -0.20% | 0.31% | 0.86% | 0.60% | 0.65% | 0.65% | 0.07% | |
| AUD | -0.85% | -0.34% | 0.22% | -0.06% | -0.65% | 0.02% | -0.58% | |
| NZD | -0.86% | -0.34% | 0.23% | -0.05% | -0.65% | -0.02% | -0.59% | |
| CHF | -0.27% | 0.24% | 0.80% | 0.52% | -0.07% | 0.58% | 0.59% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD extends the rally toward 1.1100 on sustained US Dollar weakness
EUR/USD extends the advance toward 1.1100 in the European session on Wednesday. The US Dollar continues to weaken across the board as US President Trump's reciprocal tariffs kicked in and aggravated economic concerns. Traders keep a close eye on trade talks and Fed Minutes for fresh cues.
GBP/USD holds firm near 1.2850 amid softer US Dollar
GBP/USD holds gains near 1.2850 in European trading on Wednesday. The pair’s uptick is supported by a sustained US Dollar weakness as investors remain wary over the impact of the escalating global trade war on the US economic prospects. Tariff updates and Fed Minutes are next in focus.
Gold price builds on strong intraday gains; bulls retain control near $3,050 area amid risk-off mood
Gold price climbs back closer to the $3,050 area during the early European session on Thursday as worries that an all-out global trade war would push the world economy into recession continue to boost safe-haven demand.
Bitcoin, Ethereum and Ripple target $73,000 BTC, $1,300 ETH, and $1.30 XRP
Bitcoin price hovers around $76,200 on Wednesday after falling 3.59% the previous day. Ethereum and Ripple followed BTC’s footsteps and continued their downward trend.
The Fed is looking at a hefty price level
We are still in thrall to tariffs, the faux-macro “data” driving markets. The WSJ editorial board advised other countries to take their tariffs to zero so that Trump’s “reciprocal” tariffs will have to be zero, too. Cute, but no cigar.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.