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Euro near one-year high against Dollar

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The Euro was trading close to a one-year high against the Dollar on Thursday as Europe's resilient economy contrasted with the US's banking risks.


The single currency was up 0.08% against the Dollar at the time of writing to $1.104, not far from Wednesday's one-year high of $1.1096. 


Whereas the Dollar index – measuring the currency against six major rivals – held flat at 101.41. This followed a 0.39% decline on Wednesday, Reuters reports. 


"We're looking for potentially a bit more of a challenging environment for the US Dollar, which people have already started to position for," said chief strategist at European lender SEB, Carl Hammer.


"We have the debt ceiling coming up and US inflation moderating a few months before the eurozone."


The Dollar has fallen over 11% since September's two-decade top. According to analysts, this has been fuelled by a fall in US inflation, nearing the end of the Federal Reserve's rate hiking and the outperformance by Europe.


Growth forecasts were once again upwardly revised in Germany on Wednesday, and consumer confidence continued to rally. 


Yet in the US, there was a larger-than-forecast fall in capital goods spending, according to the latest overnight data, sparking fears of a downturn. 


Traders will be focused on the US GDP figures from Q1, due to be published on Thursday, for indications of a slowdown, the Reuters report adds. 


Furthermore, the Yen remained in a holding pattern in Japan as the central bank kicked off its two-day policy meeting under new governor Kazuo Ueda. At the time of writing, the Dollar was up 0.08% at 133.79 Yen. 


Elsewhere, Sterling was flat at $1.247, holding on to the 0.48% gain from Wednesday. The Euro was also flat against the Swedish Krona at 11.398, following a 0.79% rally the day before as Sweden's central bank was not as hawkish on inflation as forecast.


In Australia, meanwhile, the Dollar rose 0.23% to $0.662.

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Mauritius,
J. Balcikonio str. 9,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.