Dollar stares down euro in clash at currency summit
PARIS – The U.S. dollar was seen staring down the euro Wednesday at the Global Currency Summit at Fontainebleau amid a closening exchange rate.
The dollar, dressed in its classic green as the currencies took a stroll outside the meeting hall, was seen standing ground close to the euro. The euro, however, did not seem bothered by the move.
The pound, dinar, and yuan looked on with interest as the two stood challenging each other for several minutes.
Analysts say the dollar’s actions may be foreshadowing a change in policy or regulation, but economists have a strong difference in opinion as to the meaning of the confrontation.
“The dollar may strengthen as we get toward the end of the year if the U.S. stock market continues to rise amid less regulation under President Donald Trump,” economist Freddy Holbart said. “But the dollar’s move could be hinting at a swift change in policy on either side or something they possibly discussed in the meeting room. It’s hard to say.”
Both the U.S. and European markets closed at monthly lows today.