Euro falls to lowest since May 2017 against dollar

Euro fell against US dollar today, to 16-month low on concerns about the escalation in the US-China trade war and its impact on the European economy in addition to Brexit uncertainty.

German data showed that manufacturing activity remained low in August due to companies' weak demand.

The US decision to impose 15% tariffs on Chinese imports worth $300 billion came into effect today, these imports consist of shoes, smart watches and flat-screen TVs, while China also imposed tariffs on US crude oil.

During this year, euro fell against dollar by more than 4% on the repeated hints from ECB Governor, Mario Draghi, about interest rate cuts and the launch of a new quantitative easing program.

By 15:31 GMT, EUR/USD fell by 0.2% to 1.0966 (lowest since May 2017), with a high of 1.1011 and a low of 1.0958.