NEW YORK (dpa-AFX) – The euro remained in the profit zone in US trading on Tuesday. The common currency was quoted at $1.0574, trading slightly higher than in early European trading. The European Central Bank had set the reference rate at 1.0569 (Monday: 1.0538) dollars.
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As was the case the day before, the hope that there would be no further escalation of the situation in the Middle East weighed on the dollar, which was seen as a safe investment, which in turn supported the euro. In addition, data on developments on the US real estate market were disappointing. In October, the mood on the US housing market deteriorated for the third month in a row.
Economic data from Germany had previously been positive. ZEW economic expectations brightened in October despite the war between Hamas and Israel. ZEW President Achim Wambach justified the improvement in the economic indicator with, among other things, the expectation of falling inflation rates. “The bottom seems to have been reached,” he said./la/he