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Foreign exchange: Euro barely moved ahead of US inflation data

Wednesday, 01/12/2022 9:49 AM from

dpa-AFX

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FRANKFURT (dpa-AFX) – The euro has maintained its position at an elevated level ahead of the eagerly anticipated US economic data. On Wednesday morning, the common currency was trading at 1.1363 US dollars, around the same level as the previous evening. The European Central Bank set the reference rate on Tuesday at 1.1336 (Monday: 1.1318) dollars (dollar rate).

The euro has recently benefited from the renewed confidence in the financial markets. Investors interpreted the latest statements by Federal Reserve Chairman Jerome Powell on monetary policy as a sign of economic strength. In view of the good economic development and the high inflation rate, the latter had signaled an increase in the key interest rate for the period from March onwards.

In the afternoon, attention will then turn to new inflation data from the US. Experts reckon that consumer prices rose by 7.0 percent in December compared to the same month last year. This could increase the pressure on the Fed to tighten its monetary policy further.

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