Was the euro after the rate hike raised above parity with the dollar by the European Central Bank, it subsequently fell back below parity with the dollar. Most recently, one euro cost $0.9968, which was just above the low of the day. The ECB had previously set the reference rate at $1.0037 (Wednesday: $1.0023). The dollar had thus cost 0.9963 (0.9977) euros.
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As expected, the European currency watchdogs raised the key interest rate again by 0.75 percentage points in order to get the rising inflation under control. The central bank promised further rate hikes. The ECB has not yet finished normalizing the monetary policysaid ECB President Christine Lagarde. “Inflation is still significantly too high and will remain above target for an extended period of time.”
NEW YORK (dpa-AFX)
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