World Economy

Euro Decline Continues

Euro Decline ContinuesEuro Decline Continues

The euro exchange rate complex enjoyed a flourish mid-July as Greek risks faded and traders were able to take stock of the improving data points coming out of the eurozone, MarketWatch reported. But, “a pinch of optimism by the Fed in the US economy was enough for the euro to squander its gain on the week against the dollar. The euro tipped into shallow negative territory for the week after the Fed’s statement this week noted ‘solid’ gains in the US job market, a rate hike supportive assessment,” notes Joe Manimbo at Western Union in a currency note to clients. The euro to dollar exchange rate is seen back below the 1.10 level at 1.0985. The euro to pound sterling exchange rate is 0.2% lower on a day-to-day comparison at 0.7033. The euro to Australian dollar exchange rate is 0.19% down at 1.5049. The euro has been rejected at the 1.10 region once more suggesting that the trend lower is becoming cemented.