Dutch election outlook buoys common currency

Dutch election outlook buoys common currency

On Thursday, the common currency stood tall after Dutch election exit surveys pointed to a comfortable win by the prime minister over his far-right counterpart, while the greenback wallowed at a one-month minimum after the Fed sounded less hawkish than anticipated on future rate lifts.  

The euro managed to surge to a five-week peak of $1.0746, having soared 1.2% overnight.

The common currency was spurred as exit surveys revealed that the Netherlands' center-right Prime Minister Mark Rutte saw off a challenge by anti-EU and anti-Islam Geert Wilders in Wednesday’s election, thus alleviating worries towards Holland opting to break up with the EU.

The dollar index against a basket of key currencies dropped 0.2%, hitting 100.560.

It went down more than 1% yesterday, touching 100.490, its lowest value since February 17.

On Wednesday, the US dollar took a knock after the Fed ended its two-day policy gathering by simply increasing interest rates just as expected, though stuck to projections of three total rate lifts in 2017.

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