Dollar Surges to New High on Dovish BoJ, BoC Outlooks
Thursday, 25 April 2019 15:40 WIB | CURRENCIES | Indeks Dolar Euro

The dollar has come off Wednesday™s highs in early trade in Europe on Thursday, but is still well bid on the back of news flow suggesting the U.S. economy remains a pillar of relative strength.

The euro fell to its lowest level in nearly two years against the dollar late Wednesday, at $1.1141, after disappointing business surveys from Germany and France earlier in the day. It has barely recovered since. By 03:00 AM ET (0700 GMT), it was at $1.1160. The British pound also continues to languish at around $1.2911.

The dollar index, which measures the greenback against a basket of six major currencies, surged to its highest since May 2017 overnight after the Bank of Japan joined its counterpart in Canada in talking down the economic outlook.

The dollar also hit a three-month high of $1.3509 against the Canadian dollar Wednesday, when the Bank of Canada cut its growth forecast for this year to 1.2% from 1.7%, and dropped language about the possible need for future interest rate hikes from its policy statement.

Source: Investing.com

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