USD Against EUR

Dollar posted 5-week gains against Euro

News and Events:

The Dollar jumped to a 6-month high against the Euro on Friday, helped by another drop in oil prices and growing views the US economic slowdown may be bottoming while growth in the euro zone stalls. It also posted a fifth week of gains as investors shifted their view on the global economy's ability to withstand a downturn initiated in the United States.

Data in the US on Friday showed an unexpected rise in manufacturing activity in the New York state area and an increase in industrial output and consumer confidence. By contrast, reports on Thursday showed the euro zone economy contracted in Q2 for the first time since the common currency's inception.

A steep drop in commodity prices also has lent support to the Dollar easing concern about the US economic outlook in the second half of the year. Crude oil prices slid further on Friday and ended 0.9% lower at 113.90 per barrel.

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