Currency King Defends The Throne, Euro Withers On The Edge - Kakiforex.com - Financial Market Media No. 1 in the World Currency King Defends The Throne, Euro Withers On The Edge Currency King Defends The Throne, Euro Withers On The Edge

March 27, 2021

Currency King Defends The Throne, Euro Withers On The Edge

 Stronger -than -expected economic data readings pushed the US dollar higher against most major currencies.


The United States is leading the recovery where data is beginning to show the effects of a smooth coronavirus vaccine launch. Businesses reopened and economic activity accelerated.


As a result, unemployment claims fell to 684,000, the lowest level in more than a year. Gross Domestic Product (GDP) growth in the fourth quarter was also revised to 4.3% from 4.1%.


The US economy is still far from normal but figures show that it is moving in the right direction.



U.S. President Joe Biden on Thursday promised 200 million Covid-19 vaccines would be distributed in the first 100 days in office. The administration reached its initial target of 100 million injections on Friday, which is the 59th day of Biden's term.




The dollar index, which measures the strength of the greenback against six other major currencies, traded near a 4 -month high of 92.80.


The euro continued to depreciate lower below 1.1800 for the first time since November 2020. European Central Bank (ECB) vice -president Luis De Guindos expects the European Zone economy to contract in the first quarter of this year.


Meanwhile, the pound managed to gain support to rise ahead of weekend trading, with market focus now focused on retail sales data to be released today.