Economic news

Euro surges as dollar retreats further from a 2018 high

The euro was on track for a third consecutive session of gains on Monday as a broadly weak dollar helped the common currency rebound, as traders digested political developments in Italy.

Photo: Reuters

The single currency edged up 0.3 percent to $1.1972, having dipped last week to $1.1823, its trough since Dec. 22. The dollar index slid 0.1 percent to 92.515.

A slowdown in the European economy has made officials in the EU and Britain more cautious about winding down an unprecedented package of measures.

On Friday, ECB President Mario Draghi said the euro area needed a new “fiscal instrument” to support weaker member nations if they came under attack in financial markets.

Traders now predict a rate hike in the UK at end-2018, and the European Central Bank keeping interest rates steady until the second half of 2019.

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