Euro surges to 2-week peaks against dollar

Euro surges to 2-week peaks against dollar

On Thursday, the euro managed to hit its two-week peaks against the greenback, after the release of positive data from Germany and Spain, while the Fed’s recent policy statement weighed on the evergreen buck.      

The currency pair EUR/USD achieved 1.1119 during European morning trade. That’s he pair’s highest outcome since July 15. After a while, the pair consolidated at 1.1110, earning 0.46%.

The pair was likely to gain support at 1.1035,which is the minimum of July 18 as well as resistance at 1.1150, which is the peak of July 15.

Earlier data demonstrated that in July the overall number of unemployed folks in Germany headed south by approximately 7,000, compared with hopes for a 3,000 sag and after a 6,000 dip the previous month.

German unemployment rate is still intact at 6.1% this month, which is in line with expectations.

According to a separate report, Spain’s unemployment rate slumped to 20.00% during the second quarter from 21.00% last quarter.

The UK’s opposition Labor leadership contender offers wealth tax

 

The person seeking to become a leader of the UK’s opposition, Labor Party has recently proposed a wealth tax on Britain’s highest earners as part of what he calls a “socialist revolution” in order to please Labor supporters, as The Times newspaper states.     

 

Owen Smith, currently seeking to replace socialist Jeremy Corbyn as a leader of Labor party, promised a public spending spree financed by approximately 200 billion pounds of extra borrowing as well as taxes on business and the rich that would net up to 13.5 billion pounds every year.

 

Since the Brexit vote, Labor party has been locked in a fierce power struggle to abandon the European Union, with critics of Corbyn telling he didn’t work effectively to convince the party's voters to support remaining in the bloc.

 

Smith, who has told Britons should vow again on breaking up with the EU once a Brexit deal is decided, is currently running against Corbyn in a leadership struggle triggered by Labor lawmakers who told they had lost confidence in his ability to lead the political party and win an election.

Bazooka

 

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