NEW YORK (dpa-AFX) – The euro rose in US trading on Thursday. Around an hour before the close on Wall Street, the common currency cost 1.0562 US dollars. The key interest rate decision by the European Central Bank (ECB), which was as expected, had little effect. The ECB set the reference rate in Frankfurt in the afternoon at 1.0540 (Wednesday: 1.0576) dollars. The dollar therefore cost 0.9487 (0.9455) euros.
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In view of the lower inflation rates, the euro currency watchdogs stopped tightening the interest rate screw after ten interest rate increases in a row. A decision will be made based on the data available, said the ECB President Christine Lagarde to the question of how to proceed. However, a discussion about interest rate cuts is “completely premature”.
Commerzbank’s chief economist, Jörg Krämer, expects that the ECB will not raise its key interest rates further in the coming months as inflation is likely to continue to fall. In addition, according to Krämer, the ECB growth forecast for 2024 of 1.0 percent is still too optimistic.
Recently it has become increasingly clear that the economy is in… Eurozone is weakening, while the US economy remains on a growth path despite interest rate increases. The economy there grew more strongly in the third quarter than in the previous quarter. The increase was also higher than economists expected./ck/he