The euro barely moves after Lagarde’s encouraging tone
The euro barely moves after Lagarde's encouraging tone
The euro barely moved today after the “encouraging” tone of the new president of the European Central Bank (ECB), Christine Lagarde, regarding the economic situation of the Eurozone.
The single currency was changed at 16.15 GMT to $ 1,1113, compared to $ 1,1085 in the last hours of the European trading of the foreign exchange market of the previous day.
The ECB today set the reference exchange rate of the euro at $ 1,1137.
The euro rose after the Federal Reserve (Fed) hinted that it will maintain interest rates for a while, but was pressured after US President Donald Trump said the trade agreement with China “is very close “.
Like the Fed, the ECB left interest rates unchanged in the euro area because inflationary pressures are weak.
The foreign exchange market paid attention to the press conference of Lagarde, after the first meeting of the Governing Council he presides.
Lagarde showed cautious optimism about the economic situation in the euro area and said that “there are certain signs of stabilization in economic weakening.”
But the ECB has revised a tenth downward, to 1.1%, its growth forecasts for 2020, so do not expect a significant comeback next year.
The Fed unanimously maintained interest rates in the range between 1.5 and 1.75%, after lowering them three times this year since July, and said they will remain at that level for some time.
The fluctuation band of the euro against the dollar today ranged between $ 1.1110 and $ 1,1154.