The euro showed no signs of growth on Tuesday after a fall from last week’s levels as investors were watchful in the wake of a lengthy rally, the dollar rose against the yen but the traction was held back by lack of incentives.The euro stood at $1.1968, after a drop of 0.5% yesterday, the biggest daily loss in over 2 months.
A correction was to happen in view of euro’s long-lasting rally resulting close to last year’s record of $1.2092, due to signs of robust growth in the economy of euro zone.
The euro is experiencing a consolidation following its rise over $1.2, said Shinichiro Kadota of Barclays. Last week’s figures on euro zone inflation were a bit lower than anticipated, he added.
The index kept at 92.345 .DXY, while it dropped to 91.751 in the past week, rather close to its 2-3/4-year minimum of 91.011 and much lower than the 2017 record of 102.26.
The dollar was worth 113.15 versus the low-yielding yen, while it has gone up to 113.40 yen yesterday, the biggest figure in around two weeks, driven by tendency for risk.
Its peak of last month equaling 113.75 is regarded as the target for the nearest future but lots of traders say that in order to attain the mark of 114 more drivers are required.