Foreign exchange: Euro eases slightly - ECB shows a willingness to act

Foreign exchange: Euro eases slightly - ECB shows a willingness to act

AtlantisFX | The euro reacted on Thursday with slight losses on statements from the ranks of the European Central Bank (ECB). In the late afternoon, the common currency cost $ 1.2280, slightly less than in the morning. The ECB set the reference rate at 1.1288 (Wednesday: 1.1293). The dollar cost 0.8859 (0.8855) euros.

After a largely calm trade, the head of the Finnish central bank caused price movement. Olli Rehn told the Börsen-Zeitung that the recent economic downturn should not be seen as a transitional setback. As possible reactions, he called interest rate cuts or new bond purchases. The euro reacted after becoming aware of the comments with losses. ECB President Mario Draghi had already signaled a few days ago the readiness of the central bank to react to the weaker economy and low inflation. This provoked sharp criticism from US President Donald Trump. On Wednesday, Trump had reinforced his criticism by accusing Europe and China of currency manipulation. The markets were worried that the US could deliberately weaken the dollar, triggering a currency war. For other major currencies, the ECB set the reference exchange rates for one euro at 0.88730 (0.88750) British pound, 121.65 (121.61) Japanese yen and 1.1120 (1.1116) Swiss francs. The ounce (31.1 grams) of gold was traded in London this afternoon at $ 1,417. That was about two dollars less than the day before.


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