# Euro-Dollar Rate Jumps Above 1.08 As US Services-Sector Confidence Slumps To Record Low

> The flash US manufacturing PMI fell to 49.2 from 50.7, but beat forecasts, while the services index dropped to a record low of 39.0. The euro rose above 1.08 against the dollar as the data signaled a sharp US economic contraction.

- Date: 2020-03-24 · published 2020-03-24T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/11348-euro-dollar-rate-jumps-above-1-08-as-us-services-sector-confidence-slumps-to
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A deepening US recession signal weakens dollar demand and supports EUR/USD strength. Weaker US demand outlook also pressures commodity demand expectations.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2026-07-28 | [Euro skyrockets amid softer US confidence](https://feedsoft.ai/events/7689-euro-skyrockets-amid-softer-us-confidence.md) | +1.2% | +2.5% |
| EURUSD | 2022-10-04 | [Euro US Dollar Soars as Eurozone PPI Data Surprises Investors This is](https://feedsoft.ai/events/9333-euro-us-dollar-soars-as-eurozone-ppi-data-surprises-investors-this-is.md) | -0.5% | +0.6% |
| EURUSD | 2023-03-01 | [Euro-Zone Core Inflation at Record Set to Embolden ECB Hawks](https://feedsoft.ai/events/37540-euro-zone-core-inflation-at-record-set-to-embolden-ecb-hawks.md) | -0.3% | +2.3% |
| EURUSD | 2022-02-02 | [U.S. dollar falls after private jobs data; euro up as inflation heats up](https://feedsoft.ai/events/42903-u-s-dollar-falls-after-private-jobs-data-euro-up-as-inflation-heats-up.md) | +1.6% | -1.2% |
| EURUSD | 2022-02-04 | [Dollar rises from two-week low after U.S. jobs surprise](https://feedsoft.ai/events/9876-dollar-rises-from-two-week-low-after-u-s-jobs-surprise.md) | +0.5% | -4.5% |
| DXY | 2026-07-28 | [Euro skyrockets amid softer US confidence](https://feedsoft.ai/events/7689-euro-skyrockets-amid-softer-us-confidence.md) | -0.9% | -2.0% |
| DXY | 2022-01-12 | [Dollar slumps as U.S. inflation surge comes in line with expectations](https://feedsoft.ai/events/43389-dollar-slumps-as-u-s-inflation-surge-comes-in-line-with-expectations.md) | -0.2% | -0.0% |
| DXY | 2023-04-13 | [Dollar dips as producer prices cool, euro hits one-year high \| Reuters](https://feedsoft.ai/events/36579-dollar-dips-as-producer-prices-cool-euro-hits-one-year-high-reuters.md) | +0.3% | -0.4% |

## Sources

- exchangerates.org.uk: https://www.exchangerates.org.uk/news/29028/2020-03-24-euro-dollar-rate-jumps-above-1-08-as-us-servicessector-confidence-slumps-to-record-low.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.