On Friday afternoon, the common currency euro was traded at 1.0698 US dollars. That’s about half a cent higher than in the morning. The European Central Bank (ECB) had set the reference rate at $1.0649 the day before.
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Shortly before the end of the year, trading on the foreign exchange market was relatively low. Buy orders can trigger stronger price reactions than usual.
In the euro zone figures on Spanish consumer prices have been published. In December, the annual rate harmonized for European comparison purposes (HICP) fell to 5.6 percent, after having been 6.7 percent in the previous month. The slowdown in inflation is thus continuing and the inflation rate is moving further towards the ECB’s target of two percent. It is the fifth decline after Spain’s inflation rate hit a record high of 10.7 percent since the introduction of the euro in July.
There were also gains in the Japanese yen, although the Japanese central bank bought government bonds with shorter maturities on the market for the third trading day in a row. According to market observers, the monetary watchdogs are trying to curb speculation that the central bank of the world’s third-largest economy will start a monetary policy turnaround and extremely loose monetary policy could end.
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