After days of decline versus the dollar, the euro climbed against the greenback after the German economic sentiment rose at a level higher than expectations, creating speculations of a quick European economic recovery, spurring demand for the Eurozone currency.
The Eurozone single currency declined against all other major currencies today after the news went out that the economy of Germany contracted at a fastest pace in decades last quarter.
After the European Central Bank policy makers’ affirmation that rates will be maintained on hold, the euro reached a 7-week high against the dollar.
The euro fell for the first time since May 7 against the U.S. dollar, while the Japanese yen rose against all other major currencies, as the European stock markets failed to demonstrate a commitment to move farther up.
The euro had a slight rise against the dollar after the European Central Bank cut its benchmark interest rate to 1 percent, a record low for the European economic bloc.
After consecutive days rallying against the dollar and the yen, the euro fell on speculations that the European Central Bank will cut its interest rates to stop the deepening recession to cause more damages in the bloc’s economy.
The euro rose against the dollar and the pound as concerns involving the swine flu have eased and the reported economic confidence in the region hit the highest level in a one-year period.
The dollar and the yen lost ground against the euro, as an index of services and industrial production in Europe showed better than estimate numbers, creating speculations of an economic recovery in the Eurozone.
The euro weakened against the yen and slid to a one-month low against the U.S. dollar as the ECB policy makers are failing to reach a consensus to fight the growing recession in the bloc.
The euro fell this Friday against major currencies and hit a one-month low against the dollar after ECB President Jean Paul Trichet failed attempt to unite the bank’s policy makers towards a common direction.
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