Friday, September 22, 2023

The euro rises and trades below US$1.10

He euro today it was changed below US$1.10 because risk aversion remains and important economic figures were not published to move prices.

The euro was exchanged around 15:00 GMT at $1.0985compared to US $ 1.0950 in the last hours of the European negotiation of the foreign exchange market of the previous day.

He European Central Bank (ECB) set the reference exchange rate for the euro at US$1.0968.

Consumer prices fell by China 0.3% year-on-year in July and lead one to believe that the Chinese economy is going through deflation, for the first time in two years.

Although the drop could be temporary, it indicates the weakening of the Chinese economywhich could also weaken global growth.

These figures are added to the sharp drop in exports (-14.5%) and imports (-12.4%) from China.

The lifting of the confinements applied in the pandemic it has triggered a fall in consumer prices instead of a rise.

Despite these figures, the mood in the markets improved and this boosted the value of the euro.

The single currency was exchanged in a band of fluctuation between US$1.0956 and US$1.0993.

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