The U.S. dollar might have skidded to a three-year low but its depreciation is not worrying for Europe just yet, a top-ranking EU official told CNBC at the World Economic Forum in Davos, Switzerland.
The euro was 0.2 percent higher against the dollar Thursday morning, trading at $1.2432. This after the dollar saw its biggest one-day drop in 10 months Wednesday — after Treasury Secretary Steven Mnuchin said a weaker greenback is good for the U.S.A weaker dollar could jeopardize European exports as U.S. consumers would likely shun more expensive goods from overseas, in favour of domestic products.
”For the time being we see nothing which is absolutely out of control,” Pierre Moscovici, the European commissioner for economic and financial affairs, told CNBC Thursday in Davos.
Article Source: marketpulse.com