On Wednesday afternoon the euro reached to a fresh 12-month high against the dollar, it has moved above $1.4720.

The move to buy the higher-yielding euro came as a result of rise in U.S. stocks and crude oil prices, that supports risk appetite.

However, against what was anticipated, the euro hasn’t moved far beyond that closely watched level. It has been suggested by many that once euro hit a one-year top, automated trading systems would start buying the euro .

The euro rose to $1.4734, and this is the highest level since Sept. 22, 2008.

The dollar had sell-off against the euro, as well as in the past two weeks other rivals, has come swiftly.

EBS via CQG

According to EBS via CQG, in New York Wednesday afternoon, it has been noted that the euro was at $1.4706 from $1.4667 late Tuesday. The dollar was at Y90.87 from Y91.06. The euro was at Y133.59 from Y133.60. The U.K. pound was at $1.6500 from $1.6495, while the dollar was at CHF1.0313 from CHF1.0340.

Euro reached nine-month high level

Overnight, the euro reached to a fresh nine-month high level for the seventh consecutive session. It rose to $1.4715.

It has also been noted that the dollar also fell to a seven-month low of Y90.12.

Dollar suffering from the past two weeks

We have seen that the dollar has been suffering for the past two weeks from a broad sell-off as risk appetite has been bolstered by encouraging global economic data, that has lead traders to buy higher-yielding assets. Now, the dollar is the lowest-yielding currency.

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