As falling stocks in the U.S. and Europe reduced risk appeal, the euro gave back some recent gains against its major rivals. Earlier, the 16-member currency against the dollar and pound had extended multi-month highs .
European currency has overtaken the greenback
Earlier in the day, as Iran’s central bank chief said the European currency has overtaken the greenback as the main currency of the country’s foreign reserves, the euro continued its attack against the dollar.
Latest survey from the Centre for European Economic Research
In economic news, the latest survey from the Centre for European Economic Research or ZEW showed today that there has been a drop 1.7 points to 56 in the German economic sentiment in October from 57.7 in the prior month. The reading that was anticipated was 58.8. But, the index stood well above the historical average of 26.7 points.
