• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Euro falls below $1.06 for first time in five years

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
68
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Euro falls below $1.06 for first time in five years

The euro fell below US$1.06 for the first time in five years against a broadly strong U.S. dollar on Wednesday amid rising concerns around energy safety and the growth slowdown in China and Europe.

The euro slipped to a five-year low of US$1.05890 after Russia’s Gazprom said it would cut gas supply to Poland and Bulgaria. It was 0.16% lower at US$1.0616 at 0800 GMT.

The single currency has fallen more than 4% so far in April and is heading for its worst monthly loss in more than seven years as uncertainty around the war in Ukraine and China’s COVID lockdown measures led traders to ditch the euro in favour of the safe-haven dollar.

“Turbulent markets mean supported dollar,” said Francesco Pesole, currency strategist at ING.

Data also showed consumer confidence in France, the euro zone’s second-largest economy, fell more than expected in April.

Read: Government officials engaged in corrupt practices with impunity – US State Department

RelatedPosts

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

The U.S. dollar index, which measures its performance against a basket of six major currencies, rose 0.3% to 102.6, after touching its highest since the early days of the pandemic.

Also supporting the dollar index, traders wager those rates are going up faster in the United States than in any other major economy.

“With risk assets continuing to show instability and markets having now made a conviction call on the Fed’s aggressive tightening cycle, the dollar has likely found a new floor,” Pesole said.

Elsewhere, the Chinese yuan took a breather, after falling to a 13-month low on Monday, steadying at 6.5547 per dollar.

Data also showed that Chinese industrial profit growth accelerated in March.

The Sterling, which has dropped more than 2% on the dollar this week as soft retail sales data has prompted a re-think of Britain’s rates outlook, hit a fresh 21-month low of US$1.2543.

Commodity currencies have also sold lately in favour of the safety of the U.S. dollar, driving the New Zealand dollar to its lowest level since January of US$0.6551.

The Norwegian crown slipped against the dollar to its lowest level of 9.2200 since November 2020.

The Australian dollar briefly touched its lowest level since February but caught some wind after Australian consumer prices surged at their fastest annual pace in two decades, spurring speculation that interest rates could be lifted from record lows as soon as next week. The Aussie was up 0.3% at $0.7149.

The stronger dollar also dented an attempted bounce for the yen, which had seen some support from safety flows and positioning for the risk of a policy shift. The yen last traded 0.7% lower at 127.93 per dollar.

The Bank of Japan meets on Wednesday and Thursday and markets see some risk of adjustment to forecasts or even policy changes to try and arrest the currency’s recent weakness.

The South Korean won was slammed to a two-year trough after North Korea pledged to boost its nuclear arsenal.

Tags: ChinaCOVID-19 pandemicEuro falls below $1.06 for first time in five yearsRussia’s GazpromU.S. dollar index
No Result
View All Result

Highlights

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

Morocco and Madagascar set up Historic CHAN Final in Nairobi

US Open: Defending Champions Swiatek and Sinner Cruise Into Second Round

Otto Addo Names Strong 24-Man Squad As Black Stars Prepare For Crucial World Cup Qualifiers Against Chad and Mali

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to Plug Transition Funding Shortfall

Trending

Business

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

August 27, 2025

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports The Importers and Exporters...

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

August 27, 2025

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

August 27, 2025

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

August 27, 2025

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.