The dollar fell against the euro

Tuesday, January 19, 2021

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The dollar fell against the euro for a second straight day on speculation a government report tomorrow will show the U.S. trade deficit widened to a record. The amount by which imports exceed exports probably grew to $61.9 billion in March from $61.0 billion, according to the median forecast in a Bloomberg survey. The dollar, up 5.4 percent versus the euro this year, slid for three straight years through 2004 as the trade deficit expanded, meaning more dollars needed to be converted into other currencies to pay for imports. Against the euro, the dollar dropped to $1.2863 at 11:36 a.m. in New York, from $1.2842 late yesterday, according to electronic currency-dealing system EBS. The U.S. currency was unchanged at 105.63 yen, after rising to 105.96 earlier today, the highest since April 29. ABN forecasts the dollar will trade at $1.29 per euro in one month, informs Bloomberg. According to the Forbes, the British pound fell to US$1.8786 from US$1.8836 after Britain on Monday announced weak industrial production numbers and the Bank of England left its interest rates unchanged. The dollar was boosted last Friday by strong U.S. jobs data. This week, the U.S. government is expected to release balance of trade figures for March on Wednesday and April retail figures on Thursday. Though the euro has stabilized recently, the currency has remained strong against the U.S. dollar amid nagging concerns about the U.S. trade and budget deficits. It was trading around the US$1.20 level last September, but shot up to an all-time high of US$1.3667 at the end of December

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