The Euro reached a two-year high against the U.S. Dollar on Friday as investors made comparisons for the likelihood of interest rate rises in the Eurozone with interest rate cuts in the U.S. The Eurozone is currently experiencing strong growth and inflationary pressures and may prompt the European Central Bank to increase interest rates during June. ``The dollar is fairly fragile right now,'' said Nick Bennenbroek, head of currency strategy for Wells Fargo Bank in New York. ``The market is getting more conviction that the ECB will continue to raise rates. It is only a matter of time for the Euro to test the all-time high.''
In forex-trading, the U.S. Dollar fell to 1.3590 against the Euro, reaching a three-year low of 1.3638. The U.S. Dollar has also declined against the Pound and the Japanese Yen, trading at lows of 2.0133 per Pound and a 118.68 Yen trade per Dollar, a decline of 0.49 percent. The Australian Dollar is also traded at a 16 year high of 83.92 U.S. cents.
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