Dollar Ends Week at 13-Month Low as Euro Surges
- EUR extends advance as ECB tapering remains on the radar
- USD fell to a low after Spicer quit press secretary post
Kumar Says Weaker Dollar Won’t Save U.S. Equities
The dollar is on track to record a loss of almost 1 percent for the week, while the euro racked up gains of about 1.8 percent, as investor sentiment shifted in favor of the shared currency on signs that the European Central Bank is preparing to pare its support for the economy.
The greenback saw renewed afternoon selling amid the resignation of White House Press Secretary Sean Spicer after the appointment of financier Anthony Scaramucci as communications director. The move weighs on investors already considering the effect of Special Counsel Mueller’s investigation on the president’s ability to advance his economic agenda. The euro advanced as traders tried to get ahead of the ECB, which has signaled that in the autumn it will discuss tapering its asset-purchase programs.