Dollar down – Euro at its highest level in two and a half years

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Euro and dollar bills

The majority of global transactions are processed in these two currencies.

(Photo: Reuters)

Frankfurt The euro continued to soar on Wednesday. In the morning, the common currency cost up to 1.2084 US dollars and thus as much as last time in May 2018. The European Central Bank (ECB) set the reference rate on Tuesday afternoon at 1.1968 dollars.

The euro is currently benefiting from a weak US dollar. Above all, the prospect of vaccines against the coronavirus is driving investors out of the global reserve currency, the dollar. The euro, the second largest currency in the world, is benefiting from this development.

In terms of economic data on Wednesday, numbers from the second row, mostly of less market importance, are primarily due. Exceptions are the monthly unemployment figures of the US service provider ADP, which serve as a guideline for the government’s labor market report due on Friday. In the evening, the US Federal Reserve’s economic report is due.

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