Euro peaks on strong economic performance in euro-area

Posted 30 January, 2018

The euro rate has touched the session's ceiling today boosted by the release of the highest pace of quarterly economic growth in Europe since the financial crisis.

The euro-to-US dollar exchange rate rose to 1.2425 which is close to the 3-year high at 1.2537 detected last week.

The US Dollar index fell to 88.93. For reference, the bottom was touched last week at 88.25.

According to the Eurostat data, the euro-area economy keeps rebounding. Specifically, the Q4 2017 upturn reached 2.7% y-o-y, the highest level of the past 10 years, and 0.6% q-o-q.

The US dollar has got depressed today on euro recovery and reversed downward vs other currencies. There are two spotlights in the market today: US President's State of Union message and Federal Reserve meeting.

Insiders are awaiting Trump's speech expecting Donald Trump to make some statements regarding the currency and his infrastructure plans.

Another big event is the meeting of US Federal Reserve to begin on Tuesday.

Euro has slightly improved vs the sterling reaching 0.8800. It is worth mentioning, the latter is depressed by the leaked information about a subsequent slowdown of the British economy for all three Brexit schemes.

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