Euro falls to July 2020 lows as Germany's business morale darkens
The euro fell on Wednesday after a survey showed German business morale deteriorated in November, while the Turkish lira remained under pressure as President Tayyip Erdogan defended rate cuts despite surging inflation.
German business sentiment worsened for the fifth month as supply challenges in manufacturing and a spike in coronavirus infections clouded the growth outlook for Europe's largest economy. The Ifo institute said its business climate index fell to 96.5 from 97.7 in October.
The euro fell 0.3% to its lowest level since early July 2020 at $1.1205.
The U.S. dollar index touched a fresh 16-month high on Wednesday at 96.666 ahead of minutes of the November Federal Reserve Open Market Committee (FOMC) meeting and after a surge that followed the renomination of Fed chair Jerome Powell.
Yields hover near highs in choppy trading after FOMC minutes
The yield on 10-year Treasury notes was down 1.2 basis points to 1.653% after rising as much as 3 basis points earlier in the day, near its high for the year of 1.74% reached in March. The yield on the 30-year Treasury bond was down 4.2 basis points to 1.981%.
Reference: Reuters
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