The euro has continued to post better performances against the U.S. dollar, edging higher on Friday as it looks to complete two weeks of consecutive gains.
The euro has maintained its great run despite the uncertainty surrounding trade talks between the United States and China. The representatives from the two economic giants resumed talks this morning, but even then, the global market still expects rates to be hiked big time by the end of the year.
The major E.U currency has edged higher even as investors increasingly predict that the U.S. will cut interest rates.
By the close of mid-morning trading on Friday, the currency had risen by 0.21 percent closing at $1.220. Despite the modest move, the euro has now clocked its second successive week posting positive moves.
The dollar index, a gauge that measures the U.S dollar against other top global currencies remained just steady, showing at 97.43. The euro makes up the largest part of this basket.
Elsewhere on Friday, the British pound remained stable despite the pressure as a cloud surrounds Prime Minister Theresa May’s probability to hammer a Brexit consensus with her political rivals.
According to a poll involving economists, conducted by Reuters, Britain’s economy is likely to have declined over March. As per the survey, March was likely lower than the 0.2 percent realized in February.
Sterling had yesterday slid, dropping to $1.2967, so far the weakest trade it has reached this May. The slight slump is likely the result of widespread reports that Conservatives would be talking with the Labour party concerning Brexit.
It has, however, edged 0.15% against the greenback, managing to remain stable at $1.3002. It is also being exchanged at 86.335 pence against the euro, 0.13 percent on the upside.
The Japanese yen “safe haven” remains strong against the dollar, having risen 0.35% on Thursday, to trade at 109.7. It is now 0.12% higher and trades at 109.65. The dollar currently buys 1.010 CHF (Swiss francs), trading at 0.4% lower on the day. The French currency, yet another “safe haven,” had reached 1.013, against the dollar- its lowest level since April 18.