FRANKFURT (dpa-AFX) – The price of the euro moved little on Thursday. The European common currency was trading at $1.0303 in the afternoon. The euro was therefore at the level from early trading. The European Central Bank set the reference rate at 1.0305 (Wednesday: 1.0286) dollars. The dollar therefore cost 0.9704 (0.9721) euros.
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Surprisingly good economic data from Germany did not give the euro any boost. Total production increased again after two declines. The increase was also stronger than expected. “As much as the figures are encouraging, there has been a downward trend in German industrial production since 2018,” commented Thomas Gitzel, chief economist at VP Bank. “Many companies are leaving Germany for cost reasons or due to a shortage of workers.” In addition, retail sales are also in the Eurozone hardly increased in November and fell short of expectations.
Stronger price movements are not expected on the foreign exchange market as trading continues. In the USA, no important economic data was published in honor of the late US President Jimmy Carter.
For other important currencies, the ECB set the reference rates for one euro at 0.83808 (0.83403) British pounds, 162.56 (162.94) Japanese yen and 0.9397 (0.9379) Swiss francs. A troy ounce of gold cost $2,674 in London in the afternoon. That was 12 dollars more than the day before./jsl/he