Euro rises as the US dollar falters
The US dollar fell against the euro today, as the euro gained ground from its month low earlier this week. It is thought that investors still have concerns over the US economy and have shifted to the euro as they await European economic data released later today.
Many analysts are expecting that the European sentiment index will show a down turn in the economic growth and give the European Central Bank (ECB) little scope to lower interest rates despite high inflation rates.
Concentration will soon be back on the US dollar later this week as private payroll and non-farm payroll figures are released. The pound however is still under pressure after poor data from the CBI on UK sales figures, but with no more UK data out this week the pound is likely to be determined by the European economic data.