DThe euro continued to soar on Friday, trading at the highest level in more than two years in the US dollar. In the morning, the price rose above $ 1.19 and reached its highest level since May 2018 at $ 1.1905. As a result, the common currency gained more than two percent in value over the course of the trading week. The European Central Bank (ECB) last set the reference rate at $ 1.1743 on Thursday afternoon.
The euro is currently benefiting greatly from a weak dollar. Weak economic data from the United States, among other things, had recently weighed on the American currency. It was announced on Thursday that the American economy had suffered the worst slump in the second quarter since quarterly data began in 1947. In addition, the situation in the country’s labor market remains tense due to the Corona crisis, and the number of initial jobless claims has recently increased.
In addition, the worsening of the corona crisis in America is weighing on the dollar with a very high number of new infections. Added to this is a debate launched by President Donald Trump about a possible postponement of the date for the presidential election. According to observers, this also caused uncertainty on the foreign exchange market.