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The euro rises after figures of business and consumer confidence in Europe

The euro rises after figures of business and consumer confidence in Europe


The euro rose on Thursday after the improvement of business and consumer confidence indicators in Europe was known, and despite Germany’s inflation figures, which were lower than expected , and the growth of the United States, which were higher.

The single currency was changed around 16.30 GMT to $ 1.1030, compared to $ 1.1001 in the last hours of the European trading of the foreign exchange market of the previous day.

The European Central Bank (ECB) today set the reference exchange rate of the euro at $ 1.1029.

The euro managed to gain some positions despite the deterioration of the mood in the markets and increased risk aversion, among other reasons for the coronavirus pandemic.

The strong rise in business and consumer confidence in both the euro area and the European Union (EU) gave him momentum.

The harmonized consumer price index (CPI) in Germany rose 1.6% year-on-year in January and fell 0.8% compared to the previous month, figures that had little impact on the price of the euro.

The dollar depreciated on Wednesday after the Federal Reserve (Fed) will vote unanimously in favor of maintaining interest rates between 1.50 and 1.75%.

The economy of the United States (USA) grew 2.3% last year, down from 2.9% in 2018, but it didn’t have much impact on the currency market either.

US economic activity grew at an annual rate of 2.1% in the last quarter of the year.

Applications for unemployment benefits fell in the US by 7,000 last week, to 216,000.

The fluctuation band of the euro against the dollar today ranged between $ 1,1007 and $ 1,1037.

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