The US dollar rose sharply on the weakness of the eurozone
October 24, 2018 4:21 pm
On Wednesday, October 24, the US dollar index against a basket of six world currencies reached a peak in the last 9 weeks, after the euro fell amid disappointing economic data in the eurozone.
As of 15:45 London time, the US dollar index rose to the level of 96.10, adding 0.40% from the beginning of the day.
The EUR / USD rate also reached its lowest level since August 17, dropping 0.61% to 1.1402.
The euro began to fall in price after the publication of data on the growth rate of business activity in the private sector of the eurozone, which turned out to be the worst in the last 2 years. Export volumes also declined more strongly than expected, which heightened investors’ concerns about the economic consequences of introducing duties and trade conflicts.
The pound sterling also remains under pressure because of investors’ concerns over Brexit. Negotiations on the process of leaving the UK out of the composition have not resumed, and the strategy of British Prime Minister Theresa May has come under heavy fire from political criticism.
The material has been provided by InstaForex Company – www.instaforex.com
On Wednesday, October 24, the US dollar index against a basket of six world currencies reached a peak in the last 9 weeks, after the euro fell amid disappointing economic data in the eurozone.
As of 15:45 London time, the US dollar index rose to the level of 96.10, adding 0.40% from the beginning of the day.
The EUR / USD rate also reached its lowest level since August 17, dropping 0.61% to 1.1402.
The euro began to fall in price after the publication of data on the growth rate of business activity in the private sector of the eurozone, which turned out to be the worst in the last 2 years. Export volumes also declined more strongly than expected, which heightened investors’ concerns about the economic consequences of introducing duties and trade conflicts.
The pound sterling also remains under pressure because of investors’ concerns over Brexit. Negotiations on the process of leaving the UK out of the composition have not resumed, and the strategy of British Prime Minister Theresa May has come under heavy fire from political criticism.
The material has been provided by InstaForex Company – www.instaforex.com
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