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July 31, 2021
BUSINESS

Euro at highest against dollar since 2011

The euro has struck its highest level againstthe dollar for nearly two and a half years in thewake of the European Central Bank’s decisionnot to cut interest rates further,khaleejtimes.com reports.At one point on Friday, the currency, which isused by 18 European Union countries, rose toUSD 1.3917, its highest rate since it touchedUSD 1.4170 in October 2011.The currencybacked off after a slightly stronger than anticipatedUS jobs report for February. The 175,000increase in payrolls was ahead of the consensusforecast in markets for a rise of about 150,000. Asa result, analysts said the US Federal Reservewould likely continue reducing its monetary stimulus,providing a fillip to the dollar.But analysts think the euro is on course to climbfurther over the coming days, largely as a result ofThursday’s decision by the ECB to not cut interestrates following a run of relatively upbeat economicdata across the eurozone. The EuropeanCentral Bank left rates on hold Thursday, leavingthe key lending rate steady at 0.25 percent

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