Euro Recovers Against US Dollar

The euro rose to new intraday highs after a sharp decline against the US dollar earlier in the day on news that German Chancellor Angela Merkel could not agree on the formation of a ruling coalition. The British pound rose against the dollar on information that Prime Minister Theresa May will raise the amount that the United Kingdom is prepared to pay the EU, which could pave the way for negotiations on trade.

The US dollar remains unstable against the British pound today. The Swiss franc is trading as the weakest major currency, along with the Canadian dollar and the Japanese yen.

German President Frank-Walter Steinmeier met with Chancellor Angela Merkel after she announced a failure in the formation of the coalition. Steinmeier made a statement and said that he will meet with the parties this week. He also called on the parties to reconsider their positions in the formation of the new government.