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poor economic data in the Eurozone

Published on 9 February 2017 in News - Pages by Raffick Marday

US Dollar strengthen against a number of currencies

A combination of poor economic data and the continuing worries in the Eurozone have seen the US Dollar strengthen against a number of currencies.

The Canadian dollar dropped to a four-month low against its US cousin thanks to unexpectedly weak economic data; as a result, fears are growing that the royal bank of Canada may raise interest rates.

Yesterday it weakened for a fourth day in the longest string of losses this year as investors take bets that Europe’s debt crisis will worsen amid Greece’s political turmoil. It extended the decline after a gauge of U.S. leading indicators and a measure of manufacturing in the Philadelphia region unexpectedly fell.

poor economic data in the Eurozone

The situation in Europe has seen the Euro dropped for three weeks in a row against the US dollar taking it to its lowest level in four months. As fears continue to increase over the Eurozone more and more investors are flocking to the safer currencies including the US and the Japanese Yen. However, concerns over the recovery of the United Sates economy may change that sentiment as the country’s latest jobless figures remained unchanged suggesting that the economy may be faltering.

Presidential candidate Mitt Romney used the news to attack his Rival Barrack Obama saying,

“It sure is true that you can’t blame one party or the other for all the debts that this country has, because both parties, in my opinion, spent too much and borrowed too much when they were in power, I find it incomprehensible that a president could come to office and call his predecessor’s record irresponsible and unpatriotic, and then do almost nothing to fix it.”

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