The euro continues to rise as markets anticipate the US jobs report. Oil prices increased slightly after comments from Russia’s Novak regarding potential adjustments to OPEC+ output.
Germany’s industrial orders fell by 7.0%, while France’s trade balance reported a deficit of €6.5 billion. Eurozone GDP grew by 0.2% in Q4, and UK house prices decreased by 0.1% in February.
EUR/USD reached a high of 1.0870, with GBP/USD up 0.2%. Conversely, USD/CAD rose by 0.2%, while AUD/USD declined by 0.5%. European equities fell, with only the DAX remaining positive.
Market Reactions And Economic Signals
The market’s reaction to economic data and policy signals has continued to shape trading conditions. The European common currency pushed higher as participants braced for the latest figures from the United States labour market. At the same time, oil climbed slightly after remarks from Novak, who suggested that oil-producing nations may consider modifying supply agreements.
Fresh data from Germany brought unwelcome news, showing industrial orders slumping by 7.0%. France also faced headwinds, with the trade deficit reaching €6.5 billion. Meanwhile, the broader Eurozone economy edged forward, recording 0.2% growth in the fourth quarter. Across the Channel, property prices in Britain dipped slightly last month, extending concerns about weaker demand in the housing market.
On the currency front, euro-dollar climbed to 1.0870, reflecting optimism surrounding the bloc’s outlook. Sterling saw a modest increase against the dollar, gaining 0.2%. By contrast, the Canadian dollar weakened, pushing USD/CAD up by the same margin. The Australian dollar lost ground, with its rate against the US dollar falling 0.5%, indicating shifting sentiment towards risk-driven assets.
European Stock Market Performance
Stocks across Europe struggled to gain traction. The majority of benchmark indices ended lower—only the DAX managed to hold on to positive territory, demonstrating resilience amid broader selling pressure.
