|08-25-2014, 01:20 PM||#1|
Dollar powers up against euro on dovish Draghi, disappointing IFO data
The dollar marched higher against the euro and yen in Europe on Monday as pledges of policy stimulus from the heads of the European Central Bank and the Bank of Japan pressured both the euro and the yen, leaving the U.S. dollar as the winner by default.
Dollar traded slightly lower, yet holding near its highest levels, where the index was last seen trading at 82.59 after opening at 81.51, while hitting its highest at 82.65 and it’s lowest at 81.25.
The action in currencies came after European Central Bank President Mario Draghi said in a speech at the Federal Reserve Bank of Kansas City`s annual conference in Jackson Hole, that the bank was prepared to respond with all its "available" tools should inflation drop further.
Earlier in the day, data released showed that German business sentiment weakened more than expected in August.
German business confidence deteriorated to the lowest level in more than a year in August, dampening optimism over the health of the euro zone’s largest economy.
In a report from the IFO institute said its Business Climate Index fell to a seasonally adjusted 106.3 this month. The Current Assessment Index declined to 111.1 in August.
Following the release of data, euro pared some losses against the U.S. dollar, with the EURUSD pair trading at $1.32020 after opening at $1.31921. The pair so far hit intraday high at $1.32075.
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