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Euro climbs against dollar, pound still higher

Currencies Direct February 14th 2014 - < 1 minute read

The euro surged to a three-week high against the dollar on
Friday (February 14th) as French and German growth figures lent
support to the single currency.

EUR/USD moved to 1.3706 as reports showed growth in the two main
engines of the eurozone exceeded expectations in the fourth
quarter.

French GDP grew 0.3 per cent, while Germany’s economy expanded
0.4 per cent.

Meanwhile the dollar was under pressure as a report showed US
retail sales fell last month, while the Labor Department said unemployment
claims rose.

Sterling remained supported against the greenback, with the
GBP/USD exchange rate nearly reaching 1.67, the highest for the
pair since April 2011.

The
dollars to pounds
rate has been in focus since the Bank of
England said earlier this week that UK growth would smash
expectations this year to reach 3.4 per cent.

Meanwhile, the yen gained on the dollar for a third day in a
row, with USD/JPY down 0.4 per cent at 101.78.

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Written by
Currencies Direct

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