FRANKFURT (dpa-AFX) – The rate of the euro rose again above par with the US dollar on Thursday. In the morning, the common currency rose as high as $1.0007. Parity is a one-to-one exchange rate between two currencies. The European Central Bank (ECB) last set the reference rate at $0.9934 on Wednesday afternoon.
The euro was thus able to build on the gains on Wednesday afternoon. Unexpectedly weak US economic data recently put the American currency under pressure. On the foreign exchange market, the focus is increasingly on a meeting of central bankers, which begins later in the day in Jackson Hole, USA, and from which investors are getting new clues about what is to come monetary policy hope in the US.
The Chinese yuan also gained some value in morning trading against the US dollar. The leadership in Beijing announced further billions in aid to stabilize the country’s flagging economy. More than 300 billion yuan (about 44 billion euros) are to be made available for infrastructure expansion in the world’s second largest economy./jkr/mis