Euro Hits One-Year High

Euro Hits One-Year High


On Wednesday, the single currencies edged up to a one-year high against the Greenback especially after the ECB chief Mario Draghi comments made last Tuesday that were seen as hawkish.

 The common currency jumped to $1.440 vs. USD before declining to $1.385, after Draghi pointed out that the markets misunderstood his last statement.


The U.S. dollar declined yesterday vs. a basket of major currencies after the U.S. Senate delayed a healthcare legislation vote initially expected this week.

  • The U.S. dollar index (DXY), which measures the Greenback against a basket of currencies, fell sharply to 95.70.


The Yellow metal failed to manage its gains and settled at $1,250, in anticipation of the GDP data from the U.S. for the first quarter of 2017, which could expand by 1.2%.


The Sterling pound rose as much as 1% to hit its highest levels in three weeks vs. USD, after the chief central banker acknowledged the case for higher rates that appeared to be growing. Cable settled at $1.2960 vs. USD, the highest level since the day of the general election.


Also on Wednesday, Oil prices edged up for the fifth day in a row, bolstered by U.S. data that showed the amount of crude in storage increased more than expected. The U.S. crude traded at $45.

The most important economic events:

  • EUR German Consumer Price Index (YoY) (JUN P): (GMT 12:00) – Important – Forecast (1.4%) – Previous (1.5%).
  • USD Gross Domestic Product (Annualized) (1Q T): (GMT 12:30) – Important – Forecast (1.2%) – Previous (1.2%).

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