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Euro, Pound hit Multi-Week Lows as Dollar Remains Firm


Thursday, 14 February 2019 17:32 WIB

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The euro and the British pound fell to multi-week lows against the firmer U.S. dollar on Thursday as weak economic data out of the euro zone and concerns over Brexit weighed.

EUR/USD dipped 0.1% to 1.1249 by 03:44 AM ET (08:44 GMT), the weakest level since mid-November after data showing that Germany’s GDP was flat in the fourth quarter, after a 0.2% contraction in the previous quarter.

The pound was on the back foot, with GBP/USD down 0.14% to a one-month low of 1.2824 ahead of a parliamentary vote later in the day on Prime Minister Theresa May's plan for an agreement with the European Union on the terms of its withdrawal from the bloc. Britain is due to quit the EU on March 29.

That means the euro area’s largest economy just managed to avoid a technical recession, but has also failed to expand since June. The data underlines expectations the European Central Bank will remain highly accommodative this year.

Source : Investing.com


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