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The dollar continued its recent surrender against the euro and the franc on Friday.
In the afternoon, the common currency, the euro, costs $ 1.1877. In the morning it was still trading at $ 1.18.
Against the Swiss franc, the dollar continues to lose value, trading at 0.8993 Swiss francs in the afternoon. In the morning, the currency pair was still at CHF 0.9035. Therefore, the dollar has fallen to its lowest level since the SNB abolished the euro minimum exchange rate in 2015. The euro is barely moving against the Swiss franc and is trading at 1.0683 versus 1.0679 Swiss francs in the morning.
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In the US presidential election, Joe Biden grew much closer to the White House. Donald Trump’s Democratic challenger was leading the vote in four of the five states still in dispute on Friday. However, US President Donald Trump has made it clear that he does not want to accept defeat.
“With Biden, the US government will be more willing to spend,” expects Commerzbank analyst You-Na Park-Heger. This could lead to higher inflation, which would tend to weigh on the dollar. It is not yet clear whether Biden can also implement his policy, as the majority in the Senate is still unclear.
Meanwhile, production data from the German and Spanish industries indicated a continued recovery. For Germany, banking economists referred to the industry’s current economic support influence, while service providers are suffering greatly from the new Corona restrictions. However, an October US labor market report that was significantly better than expected barely supported the dollar.
The European Central Bank (ECB) set the benchmark rate at 1.1870 (Thursday: 1.1855) US dollars. The dollar cost 0.8425 (0.8435) euros. The euro is trading around two cents more than at the beginning of the week. For other major currencies, the ECB set the benchmark rates for one euro at 0.90430 (0.90450) British pounds and 122.66 (122.86) Japanese yen. A troy ounce of gold (31.1 grams) was trading at $ 1,947 that afternoon in London. That’s about two dollars less than the day before.
/ jsl / he
FRANKFURT (international awp)
