FRANKFURT (dpa-AFX) – The price of the euro rose on Whit Monday. The euro benefited from falling oil prices. The European common currency last cost 1.1642 US dollars. On Friday evening it was still a little lower. The European Central Bank set the reference rate at 1.1643 (Friday: 1.1595) dollars. The dollar therefore cost 0.8588 (0.8624) euros.
Hopes for an end to the Iran war have supported the euro somewhat. However, the price fluctuations on the foreign exchange market were limited. Finally, US President Donald Trump has dampened expectations of a quick agreement to end the Iran war. “The negotiations are proceeding in an orderly and constructive manner and I have instructed my representatives not to rush the deal as time is on our side,” he wrote on the Truth Social platform.
Amid negotiations between the US and Iran, an Iranian delegation travels to the Qatari capital Doha. As the Iranian news agency Irib announced, Iranian negotiator and parliament speaker Mohammed Bagher Ghalibaf and Foreign Minister Abbas Araghchi want to inform the Qatari leadership about details of the negotiations with the USA.
Apart from news about the Iran negotiations, there was little stimulus. Finally, Whit Monday is celebrated in important European countries and in the Eurozone no important economic data was due. In the USA the holiday is “Memorial Day”.
For other important currencies, the ECB set the reference rates for one euro at 0.86255 (0.86418) British pounds, 185.04 (184.53) Japanese yen and 0.9099 (0.9119) Swiss francs. A troy ounce of gold (around 31.1 grams) most recently cost $4,569. That was $59 more than on Friday./jsl/he