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  Foreign exchange: Eurocurrency short just under 1.16 US dollars | News | Bit Updates
Home » bitcoin updates » Foreign exchange: Eurocurrency short just under 1.16 US dollars | News

Foreign exchange: Eurocurrency short just under 1.16 US dollars | News

Friday, November 3rd, 2017 | bitcoin updates

NEW YORK (dpa-AFX) – The euro exchange rate fell just short of $ 1.16 on Friday in US trade. The common currency fell to 1.1599 US dollars and recently quoted at 1.1607 dollars only slightly above. Previously, US economic data had sent the euro rate on a roller-coaster ride. After initially rising to nearly $ 1.17, the European single currency fell back to $ 1.1610 until late European afternoon trade. That was about half a cent less than in the morning. The European Central Bank (ECB) had set the reference rate at 1.1657 (Thursday: 1.1645) dollars. The dollar had cost 0.8579 (0.8587) euros. Decisive for the price movements between the euro and the dollar were American economic data. These were ambiguous. Initially, the dollar was weighed down by the monthly government report on the labor market. Experts drew attention to the stagnating wage trend. Because rising wages are an important prerequisite for rising prices from the point of view of the US central bank. However, with inflation still weak despite a robust economy, the Fed is raising its key interest rate very cautiously. This is unlikely to change after the new figures, which weighed on the dollar. The US currency, on the other hand, was helped by the very good mood among American service providers. The ISM index had risen to its highest level in about 12 years. This in turn argues for continued good economic development and further interest rate hikes by the Federal Reserve. Experts expect a third increase this year in mid-December as the Fed leadership meets for its next interest rate meeting

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