The euro started the new trading week with slight gains.
The common currency euro last cost 1.0858 US dollars in New York trading on Monday, slightly more than on Friday. The European Central Bank set the reference rate at 1.0846 (Friday: 1.0813) dollars. The dollar therefore cost 0.9219 (0.9248) euros.
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The euro benefited from a slightly weaker dollar. Otherwise, the price influences were limited. The economic sentiment for the euro area surveyed by Sentix offered the euro some support. Despite weak developments in Germany, it rose for the fifth month in a row in March. “To speak of a spring revival would probably be an exaggeration,” Sentix put into perspective in view of the weakness in the largest euro economy, Germany: “The recession is stubborn.”
Over the course of the week, interest in the financial markets is focused on the ECB’s interest rate decision on Thursday. Although no interest rate hike is expected, experts are hoping for indications as to the timing of the first monetary policy easing. On Wednesday and Thursday, Federal Reserve Chairman Jerome Powell made his semi-annual appearance before the US Congress. There, too, the main question is when the Fed will tighten monetary policy is beginning to ease in the face of falling inflation.
NEW YORK (dpa-AFX)