Forex in this article
The common currency cost as much as $1.0561. In the morning it was quoted a little lower. The European Central Bank set the reference rate at 1.0553 (Tuesday: 1.0554) dollars. The dollar thus cost 0.9476 (0.9475) euros.
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The discussion about the timing of the first interest rate hike in the euro zone continues. On Wednesday, several representatives of the ECB spoke out in favor of an early rate hike. Specifically, Bundesbank President Joachim Nagel and ECB Director Frank Elderson, both of whom are considering July. ECB President Christine Lagarde was more cautious, but pointed to the summer months as a possible period.
The euro benefited only moderately from the statements, as the markets are expecting interest rate hikes in the near future anyway. Members of the ECB have been making statements along these lines for some time. High inflation and the increasingly tight monetary policies of other major central banks are putting increasing pressure on European currency holders to take action themselves.
Higher-than-expected inflation data from the USA only weighed on the euro temporarily. Although consumer price inflation moderated in April, it was less than expected. Consumer prices rose by 8.3 percent compared to the same month last year. In March, the inflation rate rose to 8.5 percent, its highest level in over 40 years. The US Federal Reserve is likely to continue raising interest rates. The euro briefly fell to almost 1.05 dollars. However, he quickly recovered.
For other important currencies, the ECB set the reference rates for one euro at 0.85393 (0.85595) British pounds, 137.07 (137.38) Japanese yen and 1.0446 (1.0479) Swiss francs. An ounce of gold cost $1,852 in London this afternoon. That was $14 more than the day before.
FRANKFURT (dpa-AFX)
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