The euro climbed on Friday as traders were encouraged by improved
regional economic growth data and new assurances by Italian politicians
that their nation would not leave the single currency.
The euro registered a weekly gain of nearly 0.5 percent against the dollar, reversing the prior week’s 1.35 percent drop tied to the European Central Bank’s hint it would hold interest rates through the summer of 2019.
The euro’s advance, together with a rebound in commodity-linked and emerging market currencies, pressured the dollar which ended lower on the week.
Business activity in Germany and France, the euro zone’s top two economies, picked up in June despite trade tensions between Europe and the United States, IHS Markit data showed.
The current Italian government “does not want to exit the euro,” Claudio Borghi, a top lawmaker in the far-right League party, said in a newspaper interview.
The single currency was also bolstered after Greece clinched debt relief and received a cash infusion from the euro zone.
The euro rose 0.5 percent to $1.1662, and increased 0.6 percent to 128.17 yen.
U.S. President Donald Trump on Friday called for a 20 percent levy on European Union-assembled car imports.
German Chancellor Angela Merkel faces pressure to deal with the migration dispute that has divided Europe and threatened her own government.
The euro registered a weekly gain of nearly 0.5 percent against the dollar, reversing the prior week’s 1.35 percent drop tied to the European Central Bank’s hint it would hold interest rates through the summer of 2019.
The euro’s advance, together with a rebound in commodity-linked and emerging market currencies, pressured the dollar which ended lower on the week.
Business activity in Germany and France, the euro zone’s top two economies, picked up in June despite trade tensions between Europe and the United States, IHS Markit data showed.
The current Italian government “does not want to exit the euro,” Claudio Borghi, a top lawmaker in the far-right League party, said in a newspaper interview.
The single currency was also bolstered after Greece clinched debt relief and received a cash infusion from the euro zone.
The euro rose 0.5 percent to $1.1662, and increased 0.6 percent to 128.17 yen.
U.S. President Donald Trump on Friday called for a 20 percent levy on European Union-assembled car imports.
German Chancellor Angela Merkel faces pressure to deal with the migration dispute that has divided Europe and threatened her own government.
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