The United States Dollar rose vs the euro to one-week High

The United States Dollar rose vs the euro to one-week High

Against a basket of currencies, the United States dollar was up 0.3%, at 92.96.

After dropping ten percent from a March peak, for about a fortnight now, the United States dollar has been fighting to hold the line. Traders begin to temper stretched bets on the euro. Thus, it can post its best week on the common currency in four months.

A Strong United States dollar pushed the Norwegian crown down 0.4% to 8.8750 and the British sterling down 0.5% to $1.3287.

The outlier was the Japanese yen. Against the united states dollar, it stood steady at 106.19.

At 0800 GMT, traders were watching for the final August Markit eurozone composite PMI (Purchasing Managers’ Index). Reuters polled economists expect it to be confirmed at 51.6.

All in all, against the euro, the United States dollar rose to a one-week high. The only exception is the Japanese yen.

Dollar and Others

Eurozone PMIs will most probably confirm at 51.6. The yen was last flat against the United States dollar.

Against the United States dollar, investors trimmed bets. They sold the euro on concerns that the European Central Bank worried concerning its rise. So, on Thursday, the United States dollar bounced back.

The surge hast lifted the United States currency around 1.3%. SO, it was above the 28-month low it hit, on Thursday, against a basket of currencies.

Few analysts expect it to hold for too long. Nonetheless, the United States dollar gained broadly in Asia. Thus, it will be the first time it has climbed three sessions in a row since May if sustained.

The euro touched $1.20 this week, earlier. Nevertheless, worries brewed in the market that the rise had come too fast and strong for the European Central Bank liking. Fears have intensified after a Financial Times report confirmed those concerns.

That is the current news of the market.

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