US Dollar Rose Amid Euro’s Weakening
The US dollar strengthened against the basket of other major currencies, amid a weakening of the European single currency. The dollar index, which measures the dollar against six competing currencies, rose by 0.27% to 92.287. The euro fell 0.47% yesterday to 1.19972 dollars, which is the biggest daily drop since the end of October.
The euro, which in recent weeks has strengthened due to expectations of a change in the monetary policy of the European Central Bank this year, fell, as inflation data in the euro area on Friday were slightly weaker than expected. The lack of inflationary pressure in Europe was accompanied by increased economic recovery, and sustained economic growth in China and the US, which strengthened the risk appetite in the markets.