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Euro Hits Two Month Low against Dollar

Posted by Joseph Trevisani on May 24, 2016 6:22:17 PM

Weighed down by the prospect of higher U.S interest rates the euro finished its  third week of decline against the dollar closing at 1.1141 in New York its lowest finsh since March 15.   After reaching 1.1616 on May 3rd, its highest in 11 months, the united currency has fallen 4 percent as the Federal Reserve has talked up the possibility of a summer 0.25 percent increase in the Fed Funds rates. 

Much stronger that expected new home sales for April at 619,000 annualized, the highest in eight years, and a median sale price of $321,000, an all time record, bolstered the central bank's case for a pending rate hike. 

WorldWidemarkets

Charts: Bloomberg

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