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Euro Rises to More than Two-Year High

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  • Euro Rises to More than Two Year High

The Euro-single currency on Tuesday rose to more than two-year high after North Korea fired a ballistic missile over Japan.

The currency rose 0.4 percent against the US dollar to $1.2034 as of 8.50 am. in London. The highest since January 2015.

According to foreign exchange traders in Europe, the currency remains attractive for leveraged and macro investors, who are buying ahead of next week monetary policy meeting.

The currency continued to gain even after South Korean President Moon Jae-in ordered a show of force in response. This underscored the Euro-single currency new appeal as a haven asset for risk aversion.

Technically, traders are watching $1.2167 resistance level, that doubled as the 50 percent retracement of the Euro’s drop since 2014.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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