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Foreign exchange: Euro under pressure – British pound high since February 2020

Monday, 01/10/2022 1:28 PM from

dpa-AFX

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Different currencies. © alfexe / iStock / Getty Images Plus / Getty Images

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FRANKFURT (dpa-AFX) – The euro on Monday lost a good part of the gains it had made against the US dollar at the end of the week. After the common currency had climbed to $ 1.1365 (dollar rate) on Friday, there was now a countermovement. The euro was last traded at $ 1.1326. The European Central Bank set the reference rate on Friday at 1.1298 (Thursday: 1.1315) dollars.

On Friday, a mixed US labor market report weighed on the dollar in late trading. Investors in the foreign exchange market focused in particular on the weak employment trend. At the beginning of the week, however, the focus was increasingly on the comparatively strong rise in wages, which could encourage the US Federal Reserve to tighten monetary policy. This prospect is also reflected in the recent rise in US yields, which can direct money flows into the United States, making the dollar look more attractive relative to other major currencies.

Meanwhile, the British pound continued to rise against the euro and reached its highest level since February 2020. Stock marketers pointed to the prospect of a further upward rate hike by the British central bank in the near future. In December, for the first time in the corona pandemic, it increased the key interest rate in order to counter the high inflation.

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