NEW YORK (dpa-AFX) – The euro exchange rate recovered a little from its daily losses in US business on Tuesday. However, the movements remained within comparatively narrow limits. The euro was last quoted at $1.0843, slightly above the daily low. The European Central Bank (ECB) set the reference rate at 1.0856 (Monday: 1.0852) dollars. The dollar therefore cost 0.9211 (0.9215) euros.
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Economic data did not provide any major stimulus to the foreign exchange market. While consumer sentiment in Germany brightened slightly from a low level, it deteriorated in France. New figures from the ECB showed a comparatively weak development of the money supply and hesitant lending. “From an economic perspective, the monetary development is somewhat disappointing because it undermines hopes of gradual stabilization,” commented analyst Ulrich Wortberg from Landesbank Hessen-Thüringen.
Predominantly disappointing US economic data did not weigh on the dollar in the afternoon. At the beginning of the year, orders received for durable goods were surprisingly weak. In addition, consumer confidence in the USA unexpectedly deteriorated in February. “The decline interrupted a three-month increase and reflects ongoing uncertainty about the U.S. economy,” said Dana Peterson, chief economist at market research firm Conference Board./la/he