FRANKFURT (dpa-AFX) – The euro was largely able to maintain its significant gains from this week on Friday. In the morning the common currency cost 1.0985 US dollars. The day before it had briefly risen above the round mark of $1.10. The European Central Bank (ECB) set the reference rate a little lower at $1.0919 on Thursday afternoon.
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This week there have been contrasting interest rate signals from the USA and the Eurozone ensured strong gains for the euro. After the US Federal Reserve Bank sent the first signals of imminent interest rate cuts in the middle of the week, the ECB held back on Thursday. President Christine Lagarde said that there was no discussion in the Monetary Policy Council about easing the monetary policy spoken. The prospect of falling US interest rates is weighing on the dollar, while the euro is benefiting from the prospect of initially stable interest rates.
At the end of the week, important economic data is on the agenda for the Eurozone and the USA. S&P Global releases the results of its monthly business sentiment survey. The purchasing manager indices are viewed by experts as reliable indicators of economic development./bgf/jha/