Euro rises above the United States dollar

European equities

Tuesday, as investors grew anticipated about the common currency’s outlook right after ECB’s president: Mario Draghi held back from talking about the euro’s current strength; the euro rises up against the United States dollar. The euro was up by approximately 0.4% and traded at $1.2029 against the greenback; this was up by nearly 1.5% for this month and is considered as the best performing currency in the G10 FX universe.

In addition, as the common currency have gained an estimated amount of more than 14% against the United States dollar this 2017, financial markets as well as investors were relieved that Mario Draghi, European Central Bank’s President was more focused on subjects such as global trade and was refrained from mentioning the euro’s current strength, last week at the Jackson Hole conference.

In accordance to this, Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt claimed that the market is still absorbing and absorbing Mario Draghi’s comments and claims from the Jackson Hole conference and the United States stance is looking a bit shaky with the concerns around the budget and an imminent government shutdown.

With regards to the situation in the United States, Financial markets are bothering about the economic situation in Washington, along with deadlines upcoming in late September and early October on the United States. In addition, United States President: Donald Trump have caused concerns by threatening to shut down the United States government if the Congress does not fund his United States – Mexico border wall.

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