EUR/USD Exchange Rate Hits Lowest in 14 Months
Today marks the lowest euro against the U.S. dollar exchange rate within the last 14 months; 1 euro currently equals 1.29 dollars.
The European currency is also frailer due to the European Central Bank's slashed rates encompassing the Euro zone, in addition to new easing efforts. Russian sanctions against the EU are also threatening the euro.
EU President Herman Van Rompuy stated, "The entry into force through the publication in the Official Journal will take place in the next few days. This will leave time for an assessment of the implementation of the cease-fire agreement and the peace plan. Depending on the situation on the ground, the EU stands ready to review the agreed sanctions in whole or in part", according to Exchange Rate News.
Describing the U.S. dollar's recent strides, BNP Paribas SA Foreign Exchange Strategist Michael Sneyd commented, "It's very supportive for the US Dollar that Treasury yields are now heading higher. When we had good data before, geopolitical risks kept yields down. Now that they are rising, the stars are aligning for the US Dollar".
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