The euro recovers nearly 0.5% from recent lows on Monday as the dollar dived. Traders are hesitant to send the U.S. dollar further ahead of the Federal Reserve’s policy meeting this week.
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The euro is down to a 6-week low after signs that economic growth could be slowing in Germany and France. The single currency dropped by more than 0.5% to $1.1402.
The euro dropped almost 0.5% against the greenback on Monday, being close to more than a year low. What’s going on?
Greenback is the slang term for U.S. paper dollars. Greenbacks got their name from their colour. Although today we widely use the term to refer to US Dollar, in the mid-1800s, “greenback” was a negative term.
Friday’s red-hot inflation reading – 8.6% – prompted investors to raise their bets on aggressive Federal interest rate hikes.