The common currency of the European Union rose to its top rate against the world's reserve currency on Thursday as policy makers with the central bank showed support for the region's economic recovery, according to Bloomberg.
The shared currency was propelled higher by officials with the ECB when they met on Thursday of last week. They opted to leave interest rates at the record-low level of 0.25 percent. One bank official said at a conference this week that the recovery since the ravages of the sovereign debt crisis has been healthy.
"Almost two years on, the situation has improved distinctly," ECB official Peter Praet said during a Wednesday conference in Frankfurt, according to Bloomberg. "Markets are slowly but consistently re-integrating. Production and incomes are growing again and growth is spreading visibly to the most stressed parts of our union."
The 18-nation monetary unit increased roughly 0.3 percent against the U.S. dollar after pushing to its top value since October 2011 against the greenback earlier on Thursday.
A strong inflow of capital to the region to address the debt of weaker member nations has benefited the euro's performance thus far in 2014, according to Reuters.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
