Economic news

Euro rises as dollar reverses last week's gains

The euro crept higher on Monday as the dollar stayed not far off 18-month peak and investors remained cautious ahead of the U.S. Federal Reserve’s policy meeting this week, which could ease concerns over slowing global economic growth.

Photo: Reuters

The single currency ticked up 0.1 percent to $1.1316 after last week scaling as low as $1.1270.

The dollar index .DXY sank 0.1 percent to 97.394, nearly the 19-month peak of 97.711 breached last week.

Goldman Sachs' analysts consider the ECB’s estimation that the balance of risks was edging to the downside, combined with signs that "Yellow vest" demonstrations in France are beginning to hit business, meant that euro value gain was still a few months away.

Last week the euro skidded after the regulator cut its inflation and growth outlooks and struck a cautious tone about the forecast for the global growth.

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