Weak Dollar Not a Concern For Europe

The U.S. dollar might have skidded to a three-year low but its depreciation is not worrying for Europe just yet, a top-ranking EU official told CNBC at the World Economic Forum in Davos, Switzerland.The euro was 0.2 percent higher against the dollar Thursday morning, trading at $1.2432. This after the dollar saw its biggest one-day drop in 10 months Wednesday — after Treasury Secretary Steven Mnuchin said a weaker greenback is good for the U.S.A weaker dollar could jeopardize European exports as U.S. consumers would likely shun more expensive goods from overseas, in favor of domestic products.”For the time being we see nothing which is absolutely out of control,” Pierre Moscovici, the European commissioner for economic and financial affairs, told CNBC Thursday in Davos.

Source: Dollar slumps to a three-year low but it’s not worrying Europe … just yet – CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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