[size=36]The rise of the euro fades as the dollar rises in anticipation of strong jobs report[/size]
Economy | 02:46 - 03/05/2019
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A brief rally of the euro faded on Friday as the currency was under pressure against the dollar by political uncertainty and the risk of economic decline in Europe.
Intermittent signs of recovery in European companies' activities did not help the euro out of the $ 1.11 to $ 1.14 range it has been stuck in since February.
European manufacturing surveys on Thursday showed further contraction in April. Analysts say the risk of US fees on European cars and the upcoming European elections has also pushed the currency.
The dollar has been on the rise since Federal Reserve Chairman Hoon Jerome Powell has slowed inflation recently and said he saw no reason to cut interest rates.
The euro was down 0.1 percent at $ 1.1172 after falling from $ 1.1219 overnight, but still on weekly gains.
The dollar index was 97.844 against a basket of currencies, up from a low of 97.149 recorded earlier in the week. Some traders speculate that the dollar will rise further if US jobs data is better than expected.
Sterling rallied 1.3 percent amid hopes of a break in British exit talks from the European Union.
The Aussie and New Zealand dollars fell on speculation that both countries will cut interest rates next week