Friday, December 3

Dollar hit new 16-month high against euro


On the contrary, the European Central Bank (ECB) is expected to remain more lax due to the lag in growth in the region.

The strength of the dollar is “a reflection of the The moderate willingness that the ECB leadership is showing, compared to a little more concern the Fed shows about inflation, so maybe there is a bit of divergence in monetary policies“said Lou Brien, market strategist at DRW Trading in Chicago.

San Francisco Fed President Mary Daly said Wednesday that she could see an argument for accelerating the gradual reduction of the agency’s bond purchases.

The dollar index gained 0.4% on the day to 96.853 units. The euro, meanwhile, fell 0.4% to $ 1.1199.

The ‘old continent’ currency was hit by data showing German business sentiment deteriorating for the fifth month in a row in November, as supply problems in manufacturing and a surge in Covid-19 cases clouded prospects for increase.

In parallel, the dollar reached a Nearly five-year high against the yen (at 115.50 yen), after data showed US consumer spending rose more than expected in October, while price pressures also heated up during the month.

The “greenback” also hit a seven-month high against the Swiss franc.



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