The exchange rate of the euro hardly changed on the last trading day of the year.
On Friday afternoon, the euro common currency cost 1.1071 US dollars, about the same as in early trading. The European Central Bank set the reference rate at 1.1050 (Thursday: 1.1114) US dollars. The dollar therefore cost 0.9049 (0.8997) euros.
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On Thursday, the euro temporarily rose to $1.1139, its highest level since July. However, in late Thursday trading the price slipped back below $1.11. Because comparatively few investors are active shortly before the end of the year, trading volumes remain low and unusually strong price movements can occur.
On Friday were in the Eurozone only a few economic data published. In Spain, the annual inflation rate was 3.3 percent in December, as in the previous month. Economists had expected this. The data from Germany and the entire currency area will be published next week. Economists expect an increase in the inflation rate due to special effects.
Compared to the beginning of the year, the euro has gained against the dollar. At the beginning of January, one euro cost around $1.07. Most recently, the common currency was supported primarily by expectations of a change in monetary policy in the USA. Experts expect that the US Federal Reserve will cut interest rates sooner than the ECB next year.
For other important currencies, the ECB set the reference rates for one euro at 0.86905 (0.87060) British pounds, 156.33 (156.57) Japanese yen and 0.9260 (0.9302) Swiss francs. A troy ounce of gold cost $2,079 in London in the afternoon. That was around two dollars more than the day before.
FRANKFURT (dpa-AFX)