Market observers spoke of trading with little impulse overall. The euro, the common currency, was last traded at $1.0690, a little lower than early European trading. The European Central Bank (ECB) set the reference rate at 1.0726 (Friday: 1.0730) dollars. The dollar thus cost 0.9323 (0.9320) euros.
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The euro was only temporarily pulled up by a generally friendly mood on the financial markets and was able to rise to a daily high of 1.0752 dollars. China’s government had eased corona measures in major cities, raising hopes of more economic growth. In addition, mood data from China’s economy had recently turned out better.
On the other hand, there were gains in the British pound, which rose to a daily high of $1.2577 in trading against the dollar. It had previously become known that British Prime Minister Boris Johnson, who had come under severe pressure in the “Partygate” affair, had to face a vote of no confidence from his Conservative Party on Monday evening London time. Johnson welcomed the opportunity to face MPs’ vote and saw it as a chance to put the “Partygate” affair behind him.
Analysts also speculated that the British Prime Minister’s term in office would end prematurely. “A successor would probably take a more constructive stance towards the EU,” said Samuel Tombs, an economist at British analyst firm Pantheon Macroeconomics. He believes a change in leadership could have some positive medium-term implications for the UK economy. However, the expert also pointed out the political instability that would be expected if there were a change at the top of the government.
/la/he
NEW YORK (dpa-AFX)
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