Foreign exchange: the euro rose above 1.21 US dollars for the first time since April 2018 | message

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NEW YORK (dpa-AFX) – The exchange rate of the euro continued the rally it started in November on Wednesday. For the first time since April 2018, the common currency managed to jump above the $ 1.21 mark, and in the past few hours it climbed to $ 1.2108. Most recently, the euro was just below the mark again at 1.2097 dollars. The European Central Bank (ECB) set the reference rate at 1.2066 (Tuesday: 1.1968) dollars. The dollar cost 0.8287 (0.8356) euros.

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According to Commerzbank foreign exchange expert Ulrich Leuchtmann, the euro received another boost after having passed the $ 1.20 mark the day before. Many investors were still hesitant about it. He expressed his expectation that it will continue to gain as long as the ECB does not verbally counter the increase. However, the central bank’s room for maneuver is limited, as it is an adjustment of the Monetary policy promised, but no more Rate cut.

The recent strength of the euro is associated with an increasing willingness to take risks on the part of investors and the resulting flight of investors from the safe haven of the US dollar. According to Leuchtmann, increased inflation expectations in the USA are also contributing to this. This could also be further driven by new stimulus packages from the government of future President Joe Biden. The US Federal Reserve has already made it clear that it will not fight a rise in consumer prices as resolutely as in the past, Leuchtmann said.

By contrast, the British pound came under pressure against all major currencies. EU negotiator Michael Barnier is skeptical whether the UK and the European Union can conclude a trade deal. The topic moves them Financial markets for months as the negotiations are making slow progress. “The pound is coming under increasing pressure as time is getting scarcer,” said Leuchtmann./tih/he



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https://www.finanzen.net/nachricht/devisen/devisen-euro-steigt-erstmals-seit-april-2018-ueber-1-21-us-dollar-9575588

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