Forex- Euro Continues To Hold

© Reuters. Euro continues to hold. – The euro continued to rise on Thursday despite Spanish political uncertainty, while the New Zealand dollar continued to slide. EUR/USD rose 0.50% at 1.1844 as of 11:32 AM ET (4:32 PM GMT) its strongest rally since October 13. The Spanish government said Thursday that it could suspend Catalonia’s autonomy after the region’s President Carles Puigdemont threatened to declare independence. Spain’s supreme court ruled that the October 1 vote for independence was against the constitution and invalid. The dollar fell against the yen, with USD/JPY down 0.34% to 112.56 after hitting a two-week high of 113.15 overnight. The dollar has been bolstered by speculation that President Donald Trump could pick a more hawkish Fed leader than current Chair Janet Yellen. Trump is expected to make his decision on November 3. The New Zealand dollar continued to fall, with NZD/USD dropping 1.73% to 0.7026, making it almost the largest percentage decline in a year. The drop was due to an unexpected election outcome that sparked concerns the government policies may weaken the currency. Sterling was also lower, with GBP/USD edging down 0.05% to 1.3199 after UK retail sales slowed more than expected in September, underlying concerns that the economy is slowing as inflation rises. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.32% at 93.00. U.S. initial jobless claims fell to its lowest level in 44 years last week, data showed on Thursday, as the economy rebounds from Hurricanes Harvey and Irma. Another report showed manufacturing activity in the Philadelphia region rose unexpectedly this month.

1 Star (No Ratings Yet)

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *