EU Migration Deal Hurts Dollar

Merkel's coalition avoids collapse

Image Credits: Dennis Skley, Flickr.

The dollar slipped to a three-day low against the euro on Friday after European Union leaders reached an agreement on migration that eased pressure on German Chancellor Angela Merkel, but the currency was set to log its best quarterly performance in six quarters.

European Union leaders on Friday claimed success in reaching a hard-fought agreement to control immigration even though it faced instant criticism as vague, hard to implement and a potential threat to human rights.

“EU accord is helping to boost sentiment in the euro area,” said Karl Schamotta, director of global product and market strategy, at Cambridge Global Payments in Toronto.

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