The Euro lost ground against the dollar, and most other major currencies today, when a European Union report indicated that retail sales had dropped 0.5%, suggesting to traders that the ECB would be more inclined to cut rates. Ian Stannard, a currency strategist at BNP Paribas suggested that the Euro would fall to $1.50 against the dollar, continuing:
This is evidence that Germany is finally starting to feel the effects of the U.S. slowdown and credit crunch, putting the euro under pressure… Euro-dollar is now in a broad topping-out process.
Business Insider Emails & Alerts
Site highlights each day to your inbox.