Euro hits three-week high

Dhaka,  Wed,  23 August 2017
Published : 19 Apr 2017, 14:54:00

Euro hits three-week high

Euro hits three-week high
The euro hit a three-week high on Wednesday, benefiting from a dollar weakened by lower US rates and doubts over President Donald Trump's promised fiscal boost.

The Australian dollar was the biggest mover on major currency markets on Wednesday, sliding 0.7 per cent as iron ore prices took a dive AUD=D4.

The main driver for that move, said strategists, was a weaker dollar and the pricing out of the bet that the US Federal Reserve would raise interest rates three times this year.

That has come on the back of weaker-than-expected economic data and doubts that US President Donald Trump would deliver on the tax cuts and relaxed regulation he had promised.

The dollar index, which measures the greenback against a basket of six other major currencies, hit a three-week low on Tuesday.

Sterling stayed less than a cent away from a peak of $1.2908 GBP=D3 hit on Tuesday, the highest level since Oct. 3, reports Reuters.
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