The euro rose sharply against the US dollar on Tuesday.
In the late afternoon, the price reached US $ 1,2042, the highest level since spring 2018. Market glasses are talking about a weak dollar, which in turn gave a boost to the euro. The price currently stands at $ 1.2029.
Against the Swiss franc, the euro quoted slightly changed and stands at 1.0840 francs. Accordingly, the dollar has fallen significantly against the Swiss franc – in the late afternoon the exchange rate is CHF 0.9010.
Would you like to trade currencies? Our guide gives you tips for forex trading.
Earlier this week the euro temporarily rose above the $ 1.20 mark, but then lost ground again and traded at just $ 1,120 on Tuesday night. The renewed strong price increase is a result of broad dollar weakness. The US currency has recently come under pressure from almost all major currencies. This is because investors are more willing to take risks, which has led to a weaker demand for relatively safe investments like the dollar. The Japanese yen, which is also considered a safe haven, was under pressure on Tuesday.
Again, it hopes to quickly introduce effective vaccines into Corona that make financial markets more willing to take risks. With these, there is speculation about stronger economic development in the coming year. The hope for a strong recovery in the global economy is also supported by the latest economic data from China. In the world’s second-largest economy, the mood in small and medium-sized industrial companies became surprisingly clear in November. A parallel sentiment index has risen to its highest level in ten years.
For other major currencies, the ECB sets the reference rates for one euro at 0.89798 (0.89845) British pounds and 124.92 (124.79) Japanese yen. The ounce of gold (31.1 grams) was traded in the same London for $ 1,808 in London. It was about $ 31 more than the day before.
jkr / jsl / he / jl / kw
Frankfurt (awp International)