The euro fell to a two-decade low of 0.9903 against the U.S. dollar and strategists predict further euro depreciation in the coming months.
which obviously hits Europe with a much higher magnitude when compared to the impact in the States," he said.with growth of just 0.4% in the second quarter. The world second-largest economy has struggled with the aftermath of the country's worst Covid-19 outbreak since the start of 2020.
Until May, markets were"considering hawkish flight paths" for the European Central Bank and the Bank of England, according to Costa, but those plans have"imploded" in recent months. "Talking about ECB liftoff… It's absolutely glaring that ECB room to lift rates will be minimal," he said.on CNBC's"Squawk Box Europe" last week, suggesting a widening in the interest rate differential between the U.S. dollar and the euro, as well as a further weakening of the single currency.
"[The dollar] broke below the 103.60 support level. That's a very crucial horizontal support … And I suggest that there's further downside potential to go. Longer-term target of between $0.80 to $0.75 in the coming months," Van den Akker said.The predictions echo concerns that inflation will continue to rise and that a recession in Europe is now unavoidable.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Forecast: Pound needs to reclaim 1.1800 to extend recoveryGBP/USD has extended its slide to a fresh multi-year low of 1.1718 on Tuesday but managed to recover its daily losses during the European trading hour
Read more »
EUR Drops Below USD for the Second Time in 20 Years, Greenback’s Strength Leads to Largest Weekly Rise Since March 2020 – Finance Bitcoin NewsThe euro dropped below the USD for the second time in 20 years after meeting parity with the dollar in mid-July.
Read more »
Let Me Tell You The Truth About The PTOWho the hell would have thought?! Not me.
Read more »
Former Texans President Jamey Rootes Dies at 55Jamey Rootes, the first team president in Houston Texans history, has died at the age of 55, his wife announced on social media
Read more »
Polio and the monkeypox outbreak demonstrate a 'heightened focus' on virusesTwo-plus years of COVID-19, and people are thinking differently about viruses.
Read more »
Why ‘Industry’ Is Now My Favorite Show on TVThis Vogue writer shares why there’s no show they've been looking forward to more.
Read more »