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The US dollar slightly rose against the euro and the Japanese yen Monday morning. The observed growth may be weak, but the change in the trend is already a good sign.
Presently, market participants' attention is mainly focused on the scheduled meeting of the European Central Bank on Thursday this week. Investors are looking forward to knowing the regulator's next steps on the stabilization of economic growth in the region.
In the previous week, the euro began to strengthen well against the dollar, it even managed to reach the level of 1.2 dollars per euro. However, the euro then immediately collapsed, which happened against the background of the regulator's concern about such a sharp rise in the currency. According to the representatives of the European Central Bank, a significant increase in the value of the euro may negatively affect the inflation rate in the region. If it weakens, the introduction of new extraordinary measures of monetary stimulus to stabilize the situation will be necessary.
The EUR/USD pair ended Friday's trading with a decline in the euro, which happened for the fourth time in a row.
Note that in March this year, the ECB adopted a financial incentive program in the amount of $ 3 trillion. This was done in order to support the weakening economy of the region against the background of the coronavirus pandemic.
Analysts believe that the recent growth of the euro is only temporary. At the same time, it will not pose any danger to the inflation rate in Europe, which means that the government's assumptions are premature and unjustified. At least for the next twelve months, the euro will not be able to find the strength to demonstrate long-term strengthening. This is due to structural and institutional weakness throughout the eurozone.
The rate of the US dollar against the euro was at the level of 1.1833 dollars per euro on Monday morning. It closed at $ 1.1840 per euro in the previous trading. The growth of the greenback was recorded, which, however, cannot be considered significant.
The value of the dollar against the Japanese yen also went up. The exchange rate by Monday was at the level of 106.28 yen per dollar, on Friday last week, it consolidated within 106.24 yen per dollar.
Meanwhile, the pound sterling observed a decline against the US dollar. Its rate was $ 1.3216 per pound sterling, while the previous value was around $ 1.3281 per pound sterling.
The dollar index against a basket of six major world currencies, including the Canadian dollar, the euro, the pound sterling, the Swiss franc, the Japanese yen, and the Swedish krona, rose 0.2% on Monday morning.
The dollar index also increased by 0.1% against a basket of sixteen major world currencies.
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