Home » Forex, euro and pound down against the dollar, fears about European banks From Reuters

Forex, euro and pound down against the dollar, fears about European banks From Reuters

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Forex, euro and pound down against the dollar, fears about European banks From Reuters
© Reuters. A set of 100 dollar bills in Tokyo. REUTERS/Yuriko Nakao

WASHINGTON/LONDON (Reuters) – The euro and pound fell sharply as the dollar strengthened amid banking jitters that better-than-expected March PMI data failed to counter.

Banking stocks plummeted in Europe, with heavyweights of Deutsche Bank (ETR:) and Ubs crushed by fears that the problems affecting the sector, the most serious since the 2008 financial crisis, have not yet been contained.

The dollar index is up 0.59% to 103.210, while the euro retreats 0.81% to 1.0743 dollars.

Better-than-expected PMI data failed to lift the single currency and market sentiment is fragile, with European banks down more than 3%.

Risk aversion also sent the pound down by 0.48% to $1.2226, despite data showing growth in the British economy in the first quarter and an increase in confidence.

Markets will be closely watching next week’s personal consumption expenditure (PCE) price index reading on Friday for guidance on the Federal Reserve’s next rate decisions, said Joseph Trevisani, a senior analyst at FXStreet. com.

(Translated by Chiara Bontacchio, editing by Alessia Pé)

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