Euro reaches 32-month high against US-dollar

Baku. 28 August. REPORT.AZ/ Exchange rate of euro against dollar has reached the maximum limit of the last 32 months in the global currency market. 

Report informs, rate of the main currency pair is currently at 1.1930 USD/EUR. The current rate was last recorded on January 6, 2015.

The main reason for the increase in euro rate is not positive trend in the eurozone economy, but speech by chair of the U.S. Federal Reserve System Janet Yellen at Jackson Hole Economic Policy Symposium on Friday, August 25, about the complete recovery of the US economy. Yellen did not address the country's economic prospects and monetary policy prospects during her speech but spoke about financial stability. As a result, financial market participants started selling the dollar against other currencies. At the same time, the value of US government bonds has also depreciated. Thus, FED chair did not comment on the decision to increase discount rate.

Analytical Group of Report predict that the dollar rate will continue to remain cheaper against many other currencies. This process will continue until the US inflation reaches 2% which is its annual target.