You are here

Euro tops US$1.10 for first time since French election results

32544257 - 28_08_2014 - forex29.jpg

[LONDON] The euro topped US$1.10 for the first time since the results of the second round of the May 7 French presidential run-off on Tuesday, as the US dollar weakened across the board on doubts over whether US interest rates would rise next month.

The euro traded as high as US$1.1011, up a third of a per cent on the day, just shy of a six-month peak of US$1.1024 that it briefly jumped to in the aftermath of the French election results.

Investors are still pricing in around a 73 per cent chance that the US Federal Reserve will hike interest rates in June, but that was down from a more than 80 per cent chance last week, according to CME's FedWatch tool.

That, along with political worries, has weakened the US dollar, which also sank against the yen.

REUTERS

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom