Forex

Euro falls to 3-week low against dollar

2019-05-21 14:29:56 GMT (Economies.com)

The Euro fell in the European market on Tuesday against a basket of global currencies to resume yesterday's losses against the US dollar to a three-week low as the US currency continued attraction as the best investment in the foreign exchange market, coinciding with an increase in pressures over the single European currency, in particular, the weakness of fundamental economic aspects, and the political uncertainty ahead of the European Parliament elections.

 

As of 08.15 GMT, EUR/USD fell 0.15%, trading at $1.1148, from the opening price of $1.1165, with the highest at $1.1172, and the lowest (since May 3) at $1.1144.

 

Yesterday, Euro gained 0.1% against the dollar, its first gain in the last six days, amidst respite moves.

 

Over the past week, Euro lost 0.7% against the dollar, its first weekly loss in the last three weeks, as investors shifted to buying the greenback.

 

The dollar index rose more than 0.1% on Tuesday, resuming its rise after a temporary halt yesterday, reaching its highest level in four weeks at 97.94 points, which reflects the greenback's rise against a basket of major and minor currencies.

 

The rise of the US dollar comes as the activity of the US currency purchases as the best current investment in the foreign exchange market rose, as well as the 10-year US Treasury yield hike.

 

On the other hand, Euro is still under negative pressure represented by weak economic fundamentals, in conjunction with the unstable political situation in Italy -Europe's third largest economy- and the political uncertainty in general in Europe ahead of the European Parliament elections from 23 To 26 May.

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