Euro strengthens versus USD

Euro strengthens versus USD

Story link: Euro strengthens versus USD

TAGS:

The euro was stronger versus the US dollar Wednesday on further signs that the US economy is in a recession.

New data showed that US consumer prices dropped 1 percent in October, more than expected, while in the same month US housing starts fell to an annualized rate of 791,000.

In late morning trade in New York, the dollar traded at $1.2581 to the euro as it made back part of its losses to the shared currency, while the Japanese yen was stronger in relation to the greenback at ¥96.765 while the yen traded at ¥121.74 to the euro.

The pound was stronger versus the dollar and the euro after the release of the minutes of the most recent meeting of the Bank of England’s Monetary Policy Committee, which showed that Bank officials considered a rate cut bigger than the 1.5 percent cut it made on 6 November, although the final vote for the cut to 3 percent was unanimous.

The pound traded at 83.65p to the euro at around 11:30 a.m. in New York while at the same time it took $1.5041 to buy a pound.