Latest News FX EURUSD
The euro is up against the major currencies, dollar and sterling, following the words of German Chancellor Angela Merkel called the European currency “too weak” because of monetary policy Accommodating of the European Central Bank (ECB).
Yesterday EURUSD went up 0.32%, reaching the highest of the last six months at 1,1244. The exchange also gains 0.52% at 0.8640.
For Merkel, the weakness of the euro favored German exports and reflected the surplus in Germany’s trade balance, as well as the latest Spring Recommendations issued by the European Commission.
Germany has often been criticized by the European Union (EU) for the high trade surplus but for Merkel the government is not responsible for it because the overcrowding of the trade balance, the Chancellor explains to the pupils, depends on two factors On which the government can not intervene: the weakness of the euro resulting from the ECB’s ultra-expansive policy and crude oil prices still relatively low.
In this respect, according to the German Chancellor if energy prices were increasing, Germany’s trade balance would be in a very different condition because the German economy is based on crude oil imports.