Cost of Buying Euros is Now at a Record High

The euro hit record highs against the dollar yesterday as the $1.51 level was breached in afternoon trade.

This was on the back of the US Fed’s Chairman indicated more interest rates cuts were on their way in the US. The euro climbed as high as $1.5143 after comments named worries on economic growth outweighed inflation concerns.

Also, investors are getting a sense from European Central Bank officials that they don’t mind a stronger euro and may be encouraging it in the face of higher inflation rates. The single currency also gained over 1 per cent against sterling as the 0.76 level was breached, currently trading at 0.7621.

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