The euro rose slightly on Friday as traders noted European Central Bank policymakers' calm approach to the euro's recent appreciation, while the Norwegian crown surged on official forecasts the economy will now contract by less than predicted.
After a press conference on Thursday at which ECB President Christine Lagarde said the bank did not target the exchange rate, sources said policymakers had agreed to look through the euro's rise, judging it was broadly in line with economic fundamentals.
Any advance higher in the euro may be curtailed, however, by ECB chief economist Philip Lane's warning on Friday that a strong euro will further dampen price pressures.
The euro was last trading up 0.2% at $1.1841, though it had reached $1.1917 the day before, an eight-day high.
The Norwegian crown rose 0.8% to 9.0215 against the U.S. dollar after the Norwegian statistics bureau now expects the economy to contract by 3.2% this year, less than the 3.9% drop predicted in June.
04 Dec 2020 04:48 PM
India's benchmark stock index retreated to close above 45,000 points for the first time ever as the RBI upgraded its GDP target for the current fiscal year and kept interest rates steady amid high inflation.
04 Dec 2020 03:57 PM
Indian rupee stayed higher tracking uptick in regional peers
04 Dec 2020 11:51 AM
Indian equities touched record highs after the RBI kept interest rates steady due to high inflation, and retained its accommodative monetary policy stance
04 Dec 2020 11:35 AM
Yuan rose to a fresh 2 1/2-year high against a weakening dollar, despite fresh signs of tension between the US and Chinese economy.
04 Dec 2020 11:01 AM
Gold prices strengthened and are on track for their first weekly gain in a month, as growing optimism over a U.S. fiscal stimulus deal pressured the dollar and boosted Gold appeal as an inflation hedge.
04 Dec 2020 10:44 AM
Indian rupee was trading at 73.73/73.74 compared to 73.90/ 73.91 in the previous session, as the Dollar Index continued to decline in anticipation of the U.S. monthly non-farm payrolls report.