(Reuters) The dollar rose to a near two-year high against the euro on Thursday, as upbeat U.S. data fed demand for the greenback and traders awaited the release on Friday of U.S. gross domestic product data for the first quarter of 2019.
“Overall, the dollar is benefiting from strong domestic data, weak data abroad and a slew of dovish central bank meetings,” said John Doyle, vice president of dealing and trading at Tempus Inc in Washington.
The euro, meanwhile, has been hounded by worries about the health of the euro zone economy.
“The euro was under pressure yesterday after the poor German data, which added to the trend of worrying signs for Europe’s largest economy,” said Doyle.
“Many thought that the Fed’s shift early this year would weaken the dollar but the fact remains that rates in the States are still more attractive than our counterparts,” he said.