Economic news

Euro shows big reaction to ECB meeting, heading for worst week in 19 months

The euro was on course for its worst weekly decline in 19 months following cautious European Central Bank's approach to roll back its easy-money policies.

Photo: Reuters

The euro briefly soared to a one-month peak of $1.1853 after the ECB announced the end of its massive bond purchase scheme. But then the common currency fell near 1.9 percent, its largest one-day drop since Britain’s June 2016 Brexit referendum.

It extended overnight declines to reach $1.1555, its trough since May 30. The currency poised for the 1.72 percent weekly loss.

The dollar index added almost 0.2 percent to a two-week top of 94.995, after jumping more than 1 percent in the previous session.

The greenback inched up 0.1 percent to 110.720 yen after surging 0.25 percent on Thursday.

The Aussie fell 0.25 percent at $0.7458 after sliding to a one-month low of $0.7454.


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