The dollar reached the highest level in almost a year against the euro as signs of U.S. economic growth and tensions in Ukraine boosted demand for the currency.
The euro held losses against its 16 major peers from last month after completing a seven-week slide, the longest stretch in more than a decade. A manufacturing index today may add to the case for the European Central Bank to expand stimulus. Australia’s dollar fell as a report showed manufacturing slowed in China, its biggest trading partner. New Zealand’s dollar erased a loss after a trade index unexpectedly climbed.
“Data out of the U.S. has been pretty good,” said Thomas Averill, a managing director in Sydney at Rochford Capital, a currency and rates risk-management company. “One of the big reasons why euro-dollar is going down is we’ve got talk of tightening coming out of the Federal Reserve and the opposite kind of talk coming out of Europe.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015