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The euro gained slightly against the US dollar on Friday.
The euro gained somewhat on Friday. Overnight, the common currency, the euro, cost $ 1.1836, but was still well below Thursday’s high, sometimes above $ 1.19. The European Central Bank (ECB) had set the reference rate at 1.1854 (Thursday: 1.1849) dollars. The dollar cost 0.8436 (0.8440) euros.
The dollar fell slightly against the Swiss franc, at 0.9092 francs, the US currency was still slightly below 91 cents overnight. The euro was trading at 1.0761, practically the same as the night before.
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The trigger for the significant rise against the dollar the previous day was the debate over whether the recently stronger euro is hurting the economic recovery from the crown crisis. ECB President Christine Lagarde raised the issue after the central bank’s interest rate meeting, but refrained from any strong verbal intervention.
On Friday, however, the ECB’s chief economist warned of the consequences of a strong euro for growth and inflation. The economic recovery and price developments were “significantly dampened” by the recent appreciation of the euro, wrote Philip Lane in an article on the ECB’s website. The ECB is ready to use all its instruments if necessary. However, the statements did not have a lasting impact on the euro.
/ ag / jha / tp
FRANKFURT (international awp)
