Euro soars European Central Bank embraces strength and US rating downgraded.

With the US dollar under broad pressure and the euro performing better than other G-10 currencies following Moody's downgrade of US credit rating, the euro rose 1% against the dollar to 1.1274, its highest level since May 9. Comments by European Central Bank President Lagarde also boosted the euro, as she stated that the recent rise of the euro against the dollar is a result of the inconsistent policies of US President Donald Trump and presents an opportunity for Europe.