Thursday, 19 September 2019
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Euro pressured by German growth worries, dollar holds firm tone
Thursday, 25 April 2019 08:44 WIB | CURRENCIES |CurrencyDolar Euro

The euro nursed losses against the dollar on Thursday after dipping to a 22-month low on a surprise drop in a leading indicator for economic activity in Germany, amplifying worries of a growth slowdown in Europe™s largest economy.

German business morale deteriorated in April, bucking expectations for a small improvement, a business index by the Munich-based Ifo economic institute showed on Wednesday, as trade tensions weighed on the German economy, leaving domestic demand to support slowing growth.

The greenback rallied to a 23-month high of 98.189 against a basket of key rivals overnight after gaining more than half a percent, largely propelled by the euro™s weakness. The index last traded slightly lower at 98.096.

The euro sat at $1.1153, having suffered its biggest one-day loss against the dollar since early March when the European Central Bank pushed back plans for its first post-crisis interest rate hike.

Source : Reuters

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