Euro deepens losses despite upbeat economic confidence data
Economies.com
2017-03-14 16:28PM UTC
Euro kept falling on Tuesday for the second day in a row after hitting a month high earlier this week, with the decline taking place despite strong economic confidence data today from Germany and the euro zone.
EUR/USD last traded at 1.0645, down from the opening of 1.0652, with an intraday high at 1.0664, and a low at 1.0627.
Euro's current decline comes as the dollar muscles up against a host of major currencies for the second day in a row after strong U.S. producer prices data for February, bolstering the case for a U.S. rate hike.
Euro's slide came despite earlier data that showed the euro zone's economic confidence index up to 25.6 from 17.1, while the German index rose to 12.8 from 10.4.
Despite the upbeat data, negating pressures prevented a euro recovery amid expectations for a Federal Reserve rate hike, adding to political concerns in Europe about crucial elections in both Netherlands and France.
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