Single Currency Disappointed With Germany

Forex News

The single currency declined on another political turmoil in Germany. Interior Minister Horst Seehofer, who is notorious for his rough migration restrictions, claimed he will resign as minister as well as chair of his CSU.

At first, euro rose to 1.1698 dollars but then the common currency dropped 0.32% to 1.1653 dollars. It was down 0.15% to 1.1557 versus the Swiss Franc.

As of dollar, it reached a fresh 6-week maximum at 111.06 against Japanese Yen thanks to positive spending data. Core PCE (personal consumption expenditures) price index increased 2.0% comparing to 2017, marking the 6-year maximum. The report added to expectations about 2 more rate hikes from Fed.

Meanwhile, the Mexican peso grew 1.4% as Andres Manuel Lopez Obrador won in a presidential race. Peso rose 0.39% to 19.8380 against the greenback.