Euro Edges Closer to Yearly Low Amid Dollar Strength
The euro is sliding toward its yearly low against the dollar, driven by a robust greenback and heightened political uncertainty in Europe. Dealers report strong buying interest near the 1.05 level as the German ruling coalition’s collapse deepens concerns.
Germany’s chancellor has announced a confidence vote for December 16, with elections scheduled for February 23. This political instability, combined with lackluster economic data, is adding pressure to the euro. The German ZEW index showed a significant decline, while disappointing UK employment figures further highlighted regional economic challenges. However, the pound found some relief in rising wages data.
Looking ahead, market participants will focus on Canadian building permits, U.S. consumer inflation expectations, and comments from Federal Reserve officials.
Looking ahead, market participants will focus on Canadian building permits, U.S. consumer inflation expectations, and comments from Federal Reserve officials. 