US Dollar to Euro (USD/EUR) Exchange Rate Rallies Following ECB Press Conference
The US Dollar rallied from a two-and-a-half year low against the Euro after European Central Bank Governor Mario Draghi suggested that the Bank could introduce monetary stimulus measures next month if Eurozone inflation remains weak.
If you're looking to make an international money transfer, we recommend TorFX.
Prior to the comments made by President Draghi, the US Dollar was trading beyond a two-year low.
The ECB announced that interest rates would remain at the record low-level of 0.25% and refrained from introducing further stimulus measures.
After Draghi told journalists that ECB policy makers would be comfortable introducing new policy measures in June, the Euro tumbled against all, but two of its major currency peers.
The US Dollar found some support from data which showed that the number of Americans claiming unemployment benefits fell more-than-expected last week.
The data suggests that the US jobs market is increasing in strength.
According to the Washington based Labour Department, the number of claimants fell by 26,000 to bring the total down to 319,000. The figure was better than economist forecasts for a fall of 20,000.
The claims data has varied since early April as the government had trouble adjusting the figures for the Easter holidays Most of that fluctuation is now probably over, a Labour Department spokesman said.
Against the Canadian Dollar the ‘Greenback’ fell after data out of Canada showed that the number of new housing starts increased more than forecast in April.
House prices in Canada also increased suggesting that the nation’s housing market is making a recovery.
As it stands the US Dollar is trading against the British Pound in the region of 0.5896 and against the Euro in the region of 0.7207