The euro was unable to maintain its significant gains in US trade on Wednesday following the ceasefire in the Middle East.
After temporarily climbing above the $1.17 mark in European business, it crumbled and was last quoted at $1.1652. The European Central Bank had set the reference rate at 1.1706 (Tuesday: 1.1557) US dollars. The dollar therefore cost 0.8542 (0.8652) euros.
Truce is shaking
The withdrawal of the euro could be related to the fact that the agreement between Iran and the USA is on the rocks. According to the Fars news agency, Iran is considering withdrawing from the agreed two-week ceasefire due to the ongoing Israeli attacks on Hezbollah in Lebanon. The Strait of Hormuz may also only be crossed with permission.
According to media reports, only two tankers crossed the strait before the passage was closed again.
Melanie Schürmann, editorial team at finanzen.net with material from dpa-AFX
