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May 18, 2021

USD Plunges, Euro Goes Crazy

 The European session was more lively with aggressive movements exhibited by most major currencies, especially the euro.

The euro jumped more than 0.5% to trade strong at 1.22190 against the weaker greenback dollar, approaching a 3 -month high of 1.22440 previously recorded.

The king of the USD continued to fall lower in the European session, at 89.75 against its main competitor.

In addition, the latest statement from European Central Bank (ECB) policymaker Francois Vileeroy de Galhau also gave support for the euro to rise higher.

Villeroy said he did not see any risk of sustained inflationary returns in the European Zone, and therefore, there was no doubt that the ECB’s monetary policy would remain accommodative.

U.S. and European Zone bond yields rose last week after higher -than -expected U.S. inflation data raised concerns over continued inflation.

Meanwhile, European session focus data showed an unchanged economic growth reading from earlier estimates by remaining at -0.6% in the first quarter of 2021.