EUR/USD Exchange Rate Falls Further on US Economic Recovery Hopes
Since touching impressive highs at the end of February, the Euro to US Dollar (EUR/USD) exchange rate has been plummeting and shedding its ground. Investors are buying the US Dollar (USD) in a rebound rally due to hopes that the US economy will recover.
At the end of February, EUR/USD touched on a high of 1.2239, but has since plunged back down. Last week saw EUR/USD open at the level of 1.2072 and shed around a cent and a half, closing at the level of 1.1912.
EUR/USD has continued its tumble this week so far. At the time of writing, EUR/USD is trending near a low of 1.1861, the lowest level for the pair in 3 months since November 2020.