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Euro climbs to three-week high as dollar weakens
Tuesday, 17 April 2018 16:13 WIB | CURRENCIES |DOLLAR Euro

The euro rose above $1.24 to a three-week high on Tuesday after solid Chinese economic data and receding worries about more U.S. strikes in Syria revived risk sentiment, weakening the dollar.

U.S. President Donald Trump's comments about China and Russia trying to devalue their currencies this week also weighed on the greenback, with investors believing that the U.S. administration wants to see a weaker currency.

That supported euro buyers and helped the single currency rally 0.3 percent to $1.2412 EUR=, its highest since March 28.

A key economic sentiment index published out of Germany later on Tuesday could help the euro hold above $1.24, analysts said, and encourage euro bulls again after a rally in the single currency earlier this year ran out of steam.

The dollar, measured against a basket of major currencies, fell 0.2 percent .DXY.

That weakness included drops against sterling GBP= and against several Asian currencies including the Korean Won KRW=, which were bought on hopes that a U.S.-China trade spat would calm down.

Source :  Reuters

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