Euro slips on local and external factors

**London: 9 October 2023 (TraderMade):** The Euro is declining compared to the US Dollar due to various driving forces. EURUSD traded at 1.0602 on 6 October. However, today, it is at 1.05494 (3:12 PM GMT).

## Factors causing the decline There are many economic elements behind this decline in the EURUSD pair. Let us list the most significant reasons among them:

### Decrease in German industrial production German industrial production reduced in August by 0.2%. This is the fourth consecutive decrease. Experts believe numbers in the last four months indicate a prolonged slowdown.

### US nonfarm payrolls The US economy created 336,000 jobs in September. This jobs data generated a positive sentiment among market participants about the US Dollar. So, as the US Dollar strengthens, the Euro/ US Dollar pair faces a downfall. Trust TraderMade for [EURUSD live prices](https://tradermade.com/live-forex-rates/EURUSD), reliable and accurate Forex data for numerous currency pairs, to make informed decisions.