The continues to fall to its lowest level in a month and a half

The continues to fall to its lowest level in a month and a half

The euro continued its decline against a range of major currencies on Tuesday in the European session and recorded its fifth consecutive daily loss against the US dollar, the longest daily loss since the beginning of August, reaching its lowest level in a month and a half. The strength of the US dollar and its rise against the majority of major currencies was supported by the Federal Reserve's decisions and continued tightening policy, as well as growing budgetary concerns in Italy, which has received much criticism from some EU officials.

At 07:27 GMT, the euro fell against the US dollar by more than 0.4% to reach $ 1.1527 from today's opening at $ 1.1577. The pair recorded a high of $ 1.1580 and a low of $ 1.1524. Six weeks.

Yesterday, the euro lost about 0.2% against the US dollar for the fourth day in a row as the US dollar strengthened against most major currencies supported by Fed decisions.

Over the course of last week, the euro lost 1.3 percent against the US dollar, marking the first weekly decline in the last three weeks, as the dollar strengthened as well as Italy's growing budget concerns.

The Italian government has set the budget deficit at 2.4 percent of GDP over the next three years, which is higher than the European Union's (EU) ceiling of 2 percent, which has raised many negative criticisms by EU officials. Europe.

EU Commissioner for Economic Affairs Pierre Vicki Vecchi said it seems clear that Italy aims to break EU rules and regulations on financial matters while Italian Deputy Prime Minister Luigi de Mayo accused European Union officials of deliberately provoking market anger. Towards Rome, and Italy's budget crisis is likely to affect the euro.

US dollar rises to three-week high

The US dollar continued its gains against most major currencies on Tuesday, recording its fifth straight day gain and a three-week high.

The current rise in the US dollar follows the US and Canada's acceptance of an alternative agreement to the NAFTA accord, along with Mexico, as well as the Federal Reserve's insistence that it continue to gradually tighten monetary policy under the strong growth of the US economy.

The dollar index, which tracks the performance of the greenback against the other major currencies, rose 0.04% to trade at 94.96 points.

Federal Reserve Chairman Jerome Powell is expected to speak later in the day about his employment and inflation expectations for the National Association for Business Economics, and traders will focus on any hints about future pathways to raise interest rates.

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