Dollar Climbs to Highest Level in 3 Years as Weak German Data Dings Euro

By Anna Breuer on 18 February 2020
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The U.S. dollar climbed to its highest level against the euro in almost three years months amidst signs of a slowdown in the German economy.

The euro closed 0.38% lower against the dollar at $1.0793. It was the first fall of the common currency below the $1.08 level since April 2017.

The most came amidst the decline of a measure that assesses sentiment about Germany’s economy outlook declined to 8.7 points in February from 26.7 in January, the Zentrum für Europäische Wirtschaftsforschung, an economic research institute, said.

Achim Wambach, who heads the institute, cited fears over the coronavirus’ effects on global trade as a key reason for the drop.

The euro has lost approximately 3.7% of its value against the U.S. dollar this year, its worst year-to-date performance in five years.

Meanwhile, the British pound held steady at $1.302 against the dollar, after December’s UK ILO unemployment rate report showed that joblessness had held steady at a record low of 3.8%.

(Photo: Accura Media Group)

Accura News

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