NEW YORK (dpa-AFX) – The euro gained on Tuesday. The European common currency last cost 1.1608 US dollars in New York trading. The European Central Bank (ECB) had set the reference rate at 1.1553 (Monday: 1.1569) US dollars, meaning the dollar cost 0.8655 (0.8643) euros.
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French Prime Minister Sébastien Lecornu is suspending President Emmanuel Macron’s controversial pension reform. As Lecornu announced in his government statement, the retirement age will not be raised to 64 until January 2028. This corresponds to a central demand of the socialists, on which the adoption of the budget and the political survival of the government depend.
Statements by the head of the US Federal Reserve additionally supported the euro against the US dollar. On Tuesday, Jerome Powell referred to the further deteriorating prospects on the labor market. This left market participants waiting for one more Interest rate cut in the US this month hope./ajx/he