Euro resumes gains against dollar as Trump attacks U.S. Fed

2019-06-11 19:16:53 GMT (Economies.com)
Euro resumes gains against dollar as Trump attacks U.S. Fed

Euro rose on Tuesday against a basket of world currencies to resume gains against US dollar, approaching the highest level in three months, following US President Donald Trump's attack on the European currency and other currencies.

 

As of 16:42 GMT, EUR/USD rose by 0.15% trading at $1.1327, from the opening price of $1.1310, with the highest at $1.1331 and the lowest at $1.1301.

 

Euro ended yesterday's trading 0.2% lower against the dollar, its first loss in three days, on correction and profit taking after the single European currency hit a three-month high of $1.1347 on Friday.

 

Euro also fell after two sources familiar with the ECB policy discussions said over the weekend that the bank was is to cut interest rates if the euro-zone economy stagnates again.

 

Euro gained 1.5% against the dollar last week, with the biggest weekly gain of the single European currency this year, after the ECB said interest rates would remain at their current levels until mid-2020 rather than hinting at cuts as expected in financial markets .

 

US President Donald Trump on Tuesday launched a series of attacks through his official twitter account on the single currency of the eurozone and again criticized the Fed's policy.

 

Trump tweeted that “The Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage,”

 

Trump criticized the rise in US interest rates and the policy of the Federal Reserve, saying “The Fed Interest rate way too high, added to ridiculous quantitative tightening! They don’t have a clue!”

 
 
 
  Symbol Last Change Chg.%
1.1052
-0.0023
0.2081%
1.2530
0.0047
0.3749%
17.855
0.404
2.316%
58.815
3.921
7.144%
64.40
0.80
1.26%
1501.740
12.760
0.857%
 
 
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