Euro has risen against a basket of major and minor currencies, on Tuesday, in a resumption of making gains against the US dollar, after such gains had temporarily suspended yesterday as a part of correction and profit processes. Euro is still supported as the formation of an expanded government in Germany approaches, as well as confirmed information about the German economy, the largest economy in the Eurozone, has been released. Investors await the talk of Jerome Powell, the candidate for the presidency of the Central American Federal Reserve, before the US Senate, later today.
Euro rise by about 0.2% against the US dollar as of 08:33 GMT, trading at $ 1.1915, the today’s trading opening price was $ 1.1897, the high $ 1.1920 and the low $ 1.1885.
Euro fell yesterday by 0.3% against the US dollar, in the first five-day loss, due to correction and profit taking processes after the Euro had hit the high of $ 1.1961 at an earlier time in trading, being the highest level over two months.
Euro achieved rise by 1.3% against the dollar last week, in the third weekly gain in a row, as concerns about the divergence between the European monetary policies and the monetary policy of United States being widen over the medium and long term.
Euro has been supported at the outset of this week as a political breakthrough approaches in Germany, especially after more than one party had agreed to form a broad government led by Chancellor Angela Merkel. Merkel said that previous governments formed on such basis had achieved remarkable success.
Euro has broadly risen on Friday after sustained data in Germany had showed a rise in business confidence levels in November to a new record high, in a new sign of strong growth for the Eurozone’s largest economy.
Important economic data about the European financial markets gets very scant, while attention is being paid to Jerome Powell’s statement about his nomination for the Federal Reserve presidency effective from February, before the Senate Banking Committee.