Euro under pressure as US dollar heads for 10th day of gains

Helen Cahill
Follow Helen
The Eurozone Crisis Deepens As Greece Attempts To Avoid Bankruptcy
The dollar has been performing strongly for the last 10 days (Source: Getty)

The euro is heading for its 10th day of declines against the US dollar due to positive data following Donald Trump's win in the race to the White House.

At time of writing, the euro was down 0.2 per cent against the dollar at $1.0604. The currency is on its longest run of losses since it became an accounting currency seventeen years ago.

Read more: Yellen says she's staying to 2018 and confirms "relatively soon" rate rise

The dollar index, which measures the US currency against a collection of it global peers, was up 0.3 per cent at time of writing at 101.190. The currency is now on track to score its 10th day of gains in a row.

The British pound is up 0.06 per cent against the dollar, at $1.2424.

The US dollar has been pushed upwards by comments from Federal Reserve chair Janet Yellen yesterday, who said that a rate rise could come "relatively soon". The US has also recently posted strong inflation and housing data.

Yellen has confirmed she will remain in her position until 2018, and also used her testimony to the Joint Economic Committee in Washington to defend the Dodd-Frank Act, which Trump has promised to repeal.

Related articles