Thursday, September 21, 2023

The euro rises and approaches US$1.10

The euro appreciated and approached the level of the $1.10 after the dollar lost momentum in the absence of significant economic data.

He euro It was exchanged around 15:00 GMT at US$1.0968, compared to US$1.0946 in the last hours of European trading of the forex market from the previous day.

He European Central Bank (ECB) set the reference exchange rate for the euro at US$1.0956.

The euro has consolidated the gains of last week and has approached the level of the $1.10.

In the morning session, the euro was weakened after the publication of the data of china inflationwhich reduced risk tolerance among investors.

He consumer price index in China it fell by two tenths in June and stood at 0% year-on-year, the lowest rate in the last 28 months.

“Headline inflation in China, which remained stable in June, continues to show the absence of pressures from the demand in the economy China”, commented Monex Europe analysts.

For the world economy, “the acceleration of the deflation of the producer price index from -4.6% to -5.4% year-on-year points to a greater disinflation of the goods”, adds Monex Europe.

Investor confidence in the euro area fell in July for the third consecutive month as the region is in recessionaccording to Sentix.

The single currency was exchanged in a fluctuation band between US$1.0944 and US$1.0980.


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