Greenback down against the euro in forex trading
The U.S. dollar is down to start the week in currency trading on the FX market. The greenback is pulling back against the euro in forex trading as the economic news shows some improvement. Indeed, in the euro zone, things are showing some improvement. PMI is higher than expected in the euro zone, and retail sales contracted less than expected.
The greenback did manage to move higher against the U.K. pound in currency trading, though. A run at 1.60 was rejected, so the sterling is retreating right now. However, the greenback is still struggling for the most part. GFT’s Boris Schlossberg reports in FX360 on the G-7 and the risk trade:
Dollar was once again on the defensive at the start of week’s trade after the G-7 communiqué side stepped the issue currency appreciation and risk appetite returned to the European bourses as eco data proved supportive in both EZ and UK.
As long as there is interest in the risk trade, the greenback will fall against the euro in forex trading.
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