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Euro falls, dollar rises following ECB Minutes

posted onAugust 17, 2017

The euro fell to a three-week low on Thursday, after the European Central Bank (ECB) released its latest meeting minutes. At the ECB meeting, policy makers were worried about the strength of the single currency. 

"While it was remarked that the appreciation of the euro to date could be seen in part as reflecting changes in relative fundamentals in the euro area vis-a-vis the rest of the world, concerns were expressed about the risk of the exchange-rate overshooting in the future […] In this context, the point was made that, looking ahead, the Governing Council needed to gain more policy space and flexibility to to adjust policy and the degree of monetary policy accommodation, if and when needed, in either direction" they stated

The European currency dropped further against its key counterparts after the release. The euro decreased against the pound by 0.52% to sell for 0.9084 at 1:52 pm CET, while it also lost 0.59% against the Japanese yen, changing hands for 128.936 at 1:53 pm CET and 0.25% against the Swiss franc, trading for 1.1333 at the same time. 

The dollar rose boosted by weakness in the euro, gaining 0.63% against the single currency to $1.1692 at 1:52 pm CET. The greenback however remained lower against other major currencies, particularly the safe-haven Japanese yen and Swiss franc.


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