The common currency Euro edged higher against the Dollar and hit level not seen since early November, when the US first elected Donald Trump as president. Currently, doubts over whether the US Federal Reserve will raise rates are combining with worries and political turmoil in the US. In the Eurozone, news of GDP growth helped to support the common currency; analysts had correctly forecast that the Eurozone would grow 1.7% in the first quarter of 2017.
As reported at 11:14 am (BST) in London, the EUR/USD was trading at $1.1049, a gain of 0.63% and edging off the peak of $1.10502 struck earlier in the session. The EUR/GBP is also higher at 0.8566 Pence, a gain of 0.64%; the pair’s session high was recorded at 0.85800 Pence.
Dollar Lower Over Trump Concerns
In the US, the Dollar is broadly lower on concerns over Donald Trump’s latest rift; it was reported that the president had disclosed information deemed highly classified to a foreign minister from Russia. Many investors are concerned that the US President might finish out a first term, and those fears, given that his tax reform strategies have already been priced into the greenback, are weighing heavily on Dollar sentiment. Currently, the US Dollar Index is trading at 98.532 .DXY, down 0.38%.