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Euro Extends Decline as Turkey Concerns Spread


Friday, 10 August 2018 23:38 WIB

Euro


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The euro extended its decline, falling to the weakest level in more than a year after U.S. President Donald Trump said he planned to double tariffs on Turkey's steel and aluminum imports amid escalating tension between the two nations.

EUR/USD dropped as much as 1.2% to 1.1395, the lowest level since July 2017, as pressure on Turkish lira spread to other EM currencies including the South African rand.

EUR/CHF fell as much as 1% to 1.1343, the lowest level in almost a year.

Bloomberg Dollar Spot Index gained as much as 0.7%, but remained shy of its year-to-date high set June 21; the greenback was higher against most of its G-10 peers, though the yen held modest gains on the the flight to safety.

USD/JPY fell as much as 0.5% to 110..

EUR/JPY down 1.5% with pair trading at lowest level since late-May.

Source: Bloomberg


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