Wednesday,November 21,2018

Euro Hits the Highest Level Since 6 months while Trump Concern about the Dollar Hampers

Euro Hits the Highest Level Since 6 months while Trump Concern about the Dollar Hampers

The euro has hit its highest level since November on Tuesday, while the dollar has fallen to new concerns about the Trump administration after it was learned that the US president revealed classified information to Russia the week pass. The EUR / USD rose 0.63% to the 1.1043 level at 10:38 am (CET), its highest level since Nov. 9.

The demand for the euro has been backed up as investors have focused attention on monetary policy forecasts as worries over political risks have eased after centrist Emmanuel Macron was elected president of France by defeating the extreme nationalist Right Marine Le Pen.

Data on Tuesday confirmed that the eurozone economy has advanced by an ecl-120 || 0.5%}} in the first quarter, fueled by rumors about how quickly the European Central Bank could withdraw its stimulus program .

According to another report, Germany’s economic confidence improved slightly in May, registering its highest level since July 2015. The dollar index , which tracks the trend of this currency against a basket of other six major currencies, was left 0.37% to 98.45.

The dollar has been shaken after news that US President Donald Trump has shared intelligence secrets from a close US ally with the Russian foreign minister on the Islamic state at a meeting last week.

The report is being released as the Trump Administration continues to stagger after its decision to dismiss former FBI Director James Comey and the Congressional request to launch an independent investigation into possible Russian interference in the US election.

This report contributes to doubts as to whether Trump can successfully pursue its economic stimulus program in the face of mounting controversy.

With respect to the yen, the dollar has lost positions, with the USD / JPY down 0.2% to the level of 113.54.

The pound lost positions against the dollar, retreating the GBP / USD pair to 1.2886.

The pound had hit session highs on 1.2957 after it became known that UK inflation last month hit its highest level since September 2013, fueling worries over consumer spending.

The pound was weighed down by the weakening against the robust euro, advancing the EUR / GBP pair 0.73% to the level of 0.8574, a month high.

 

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Euro Hits the Highest Level Since 6 months while Trump Concern about the Dollar Hampers