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Euro gains after biggest weekly drop in 6 weeks as risk appetite returns


Monday, 19 August 2019 15:13 WIB

EuroZona Euro,EUR/USD


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The euro steadied on Monday after suffering its biggest weekly drop in nearly two months as risk appetite gradually returned to global markets after a week of turmoil.

With hopes of fiscal stimulus from Germany growing and steps by China over the weekend to cut corporate lending costs pushing up equities, growth-sensitive currencies such as the Australian dollar also edged higher.

Money markets are pricing in a cumulative 67 basis points of rate cuts from the Fed by the end of the year.

Against the greenback, the euro was broadly flat at $1.1094 in early London trading after falling 1% last week, its biggest weekly drop since early July.

The dollar index, which measures the greenback against six major currencies, was marginally higher in Asia at 98.201, close to a two-week high of 98.339 reached on Friday.

Source : Reuters


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