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In early trading in Europe today, the dollar climbed higher amid a generally steady and quiet market as the focus now shifts to Fed Chair Jerome Powell’s speech.
The euro climbed slightly after data released from the eurozone private sector data boosted hopes that a recession could be avoided in the bloc’s economy.
In early trading today, the dollar held strong against the euro, which hovered around a two-week low, as slightly higher…
Recent turmoil surrounding U.S.-China trade relations, Eurozone instability regarding Brexit and currency crises in South America have put a spotlight on foreign exchange markets and currency politics.
The pound has managed to recover today after it plunged to a 10-year low against the euro, reaching €1.0724.
In early trading today in Europe, the dollar fell against safe havens such as yen and Swiss franc, after the president announced a sharp acceleration of the US trade war with China.
The Bank of England has warned today that it believes Britain has a one in three chance of falling into a recession, as growing fears and uncertainty over Brexit continue to pull down the economy.
Mounting pressure on the euro comes from recent data showing Germany’s manufacturing sector contracting at the quickest pace in seven years, while French business growth also unexpectedly slowed.
President Donald Trump wants a cheaper dollar, saying earlier this month the United States should match what he says are efforts by other countries to weaken their own currencies – giving them an unfair trade advantage.