Euro climbs as US dollars flags after Federal Reserve interest rate cuts and concerns over future cuts
The euro rose against the dollar on Thursday after better-than-expected eurozone GDP data, while the US currency fell after Federal Reserve appeared to leave open the question of whether it would cut interest rates further.
However, the lack of an explicit signal the Fed was done with easing for now was taken as less hawkish than expected, helping to drive the dollar down against most currencies, particularly the Chinese offshore yuan, which rose to an 11-week high.Euro zone economic growth in the third quarter defied market expectations of a slowdown and was steady quarter-on-quarter, preliminary data showed on Thursday, while headline inflation slowed because of a sharp fall in energy prices.
European Central Bank member Ignazio Visco said the ECB's monetary policy will remain expansionary to sustain demand. His comments helped limit the euro's rise. The yen rose further after China raised doubts about the possibility of a long-term trade deal agreement with the US.
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