Euro benefits from confidence in the markets


Euro and dollar bills

The majority of global transactions are processed in these two currencies.

(Photo: Reuters)

Frankfurt The euro rose to its highest level since early September on Friday. In the afternoon, the common currency rose to $ 1.1948. The European Central Bank (ECB) set the reference rate at 1.1922 (Thursday: 1.1900) dollars. The dollar cost 0.8387 (0.8403) euros.

The euro benefited from the more confident mood on the stock markets of late. Despite the increase, trade was calm. The economic sentiment in the euro zone clouded noticeably in November due to the worsening of the corona crisis.

However, the Economic Sentiment Indicator (ESI) collected by the EU Commission fell slightly less than expected. Nevertheless, the euro did not move sustainably due to the data. In the US, things remained mostly quiet, with many Americans taking the day off after Thanksgiving and no economic data published.

However, the British pound has come under pressure. Negotiations on a new trade agreement between the EU and Great Britain are to continue this weekend in face-to-face negotiations.

Prime Minister Boris Johnson spoke of substantial and important differences that still need to be overcome. EU chief negotiator Michel Barnier was similarly skeptical. The pound fell to a weekly low against the euro.

In relation to other major currencies, the ECB set the reference rates for one euro at 0.89442 (0.89129) British pounds, 124.23 (124.04) Japanese yen and 1.0826 (1.0813) Swiss francs. The troy ounce of gold (31.1 grams) was trading at $ 1,781 in London that afternoon. That was a good $ 34 less than the day before.

More: Why the gold price reacts so negatively to a corona vaccine

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