Euro rose at European Markets on Friday against a basket of world currencies, resuming its gains against the dollar, on the verge of a second straight weekly gain against the greenback, supported by strong data in Germany showed Europe’s biggest economy growth at its fastest pace in three years. Investors look forward the statements of Mario Draghi, governor of the European Central Bank, expected to be issued later today.
Euro rose 0.3% at 0610 GMT, trading at $ 1.1810, the opening price of $ 1.1769, and the highest at $ 1.1822 and the lowest at $ 1.1765.
Euro ended yesterday’s trading down 0.2% against the US dollar, in the second consecutive daily loss, as a result of correction and profit taking processes, after the European unified currency hit a five-week high of $ 1.1860.
Over the current week, the Euro has hiked 1.3% against the dollar, about to make its second consecutive weekly gain and the biggest weekly gain since mid-July, supported by strong data on German economic growth.
Data released in Berlin on Tuesday showed the growth of the Euro zone’s largest economy in the third quarter, recording the fastest pace of growth in more than three years.
The German economy grew by 0.8% in the third quarter, the fastest pace since the first quarter of 2014, beating the experts’ expectations of a 0.6% growth. The second quarter recorded a 0.6% growth.
ECB President Mario Draghi will have a talk at 08:30 GMT at the Frankfurt Banking Conference. He will probably talk about the future of monetary policy in Europe after the recent economic developments and the relative decline in inflation rates.