Sunday, May 28, 2023

The euro falls to the level of US$1.07, its minimum in two months

He euro depreciated this Thursday to $1.07minimum for two months, while some good data from the US economy underpinned the appreciation of the greenback.

The euro was changing around 15:00 GMT at US$1.0730, compared to US$1.0761 in the last hours of the european negotiation of the foreign exchange market of the previous day.

The European Central Bank (ECB) set the reference exchange rate for the euro at $1.0735.

The american economy it grew at a higher annual rate than initially calculated: 1.3% compared to 1.1% in the first publication of this statistic last April.

Requests for unemployment benefit they rose last week in the United States to 229,000, 4,000 more than the previous week.

Besides, the aversion The risk from concerns that the US defaults also contributes to the appreciation of the dollar.

For now, the Fitch rating agency has put into “negative observation” US debt, which has the highest rating (AAA) and threat with lowering it due to the lack of progress in the negotiations of the debt ceiling of the Democratic and Republican parties.

The economic data of the euro zone they were negative.

The German economy contracted in the first quarter by 0.3% compared to the previous quarter and entered a technical recession after having contracted by 0.5% in the fourth quarter of the year.

Furthermore, consumer confidence in Germany fell more than expected, according to advance data for June.

The single currency was exchanged in a fluctuation band between 1.0709 and 1.0755 dollars.


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