The euro managed to steadfast the dollar today as the European Central Bank provided the market with hawkish minutes on their previous meeting. The dollar also slumped due to the lackluster factory inflation data which were also reported earlier.
Going back to the euro’s surge, the ECB has been reportedly going to “revisit” their stance regarding the vast monetary stimulus program. Most analysts are raving on the announcement that the ECB is reconsidering their stance and are expecting the great turn of events due to the fact that the eurozone is seeing great heights and progress over the past decade.
Euro, Dollar Index Price
The euro managed to keep an upbeat surge on the market today; the euro/dollar managed to hover around the $1.20 levels or a 0.73% increase. The increase was the biggest single-day percentage gain against eh stronger dollar for over two-month.
Meanwhile, the dollar index was struggling as the lackluster economic data pile up and the ECB hawkish stance keeps the greenback from moving forward today; the dollar index was down by a total of 0.48% at 9.89. The index price was hovering somewhere around its one-week low to 91.808.
The dollar index is suffering from the massive receding producer prices in the U.S.; according to reports, the producer prices have not seen this kind of drop for almost one and a half year in December and this is also in the midst of lower costs for services.
Moreover, the weak inflation in the producer level also adds a massive stress to the currency as inflation continues to be apprehended; these events are also putting the Federal Reserve to a more discerning and cautious about their plan to raise the interest rate this year.
On the other hand, after the news about President Donald Trump alienating the whole U.S.A. to the North American Free Trade Agreement, the Canadian dollar suffered the consequences and dipped do incremental levels yesterday. The loonie managed to stop the drops and steadied on today’s market, apprehending further debacle.
The digital currency has been making a big splash in the market this year as it continues to slide on the bearish side of the market with dips on abominable levels. The most recent run of the digital currency tallied a massive 10.47% dip at $13,332.24. The massive South Korean announcement gave investors chills which made the prices dip on vast figures.
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