Foreign exchange: Euro rises well above 1.21 US dollars | 02/22/21

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FRANKFURT (dpa-AFX) –  The  rate of the euro rose on Monday after a robust Ifo business climate. In the afternoon, the common currency rose to a daily high of 1.2154 US dollars after temporarily falling below 1.21 dollars in the morning. © www.de24.news

 The  European Central Bank (ECB) set the reference rate at 1.2133 (Friday: 1.2139) dollars. © www.de24.news

 The  dollar cost 0.8242 (0.8238) euros.

© www.de24.news

 The  euro was supported by robust economic data from Germany. In the largest economy in the currency area, the mood in companies brightened in February despite Corona restrictions. © www.de24.news

 The  Ifo business climate reached its highest level since October. © www.de24.news

 The  rise in the most important German economic indicator was also significantly stronger than expected. © www.de24.news

 The  companies rated both their current situation and future prospects better.

“That was a clearly positive surprise,” said Uwe Burkert, chief economist at Landesbank Baden-Württemberg (LBBW). Apparently, the companies looked through the risks of a third corona wave. Even the hesitant progress in vaccinations has not dampened economic hopes in German companies.

Statements by the ECB President Christine Lagarde couldn’t move the euro significantly in the afternoon. Accordingly, the ECB wants to keep the financing conditions in the pandemic favorable. “© www.de24.news

 The  ECB is therefore closely monitoring longer-term nominal bond yields,” said Lagarde. © www.de24.news

 The se would have an impact on the banks’ lending to companies and households. © www.de24.news

 The  returns are an early indicator of the impact of the Monetary policy.

In contrast, the Brazilian real fell sharply, losing around two percent in trading with the US dollar. Brazilian President Jair Bolsonaro had previously fired the head of the petroleum company Petrobras and replaced him with a former military man. In the financial markets, the personnel decision is seen as an indication that the government wants to control the oil company more closely.

In relation to other major currencies, the ECB set the reference rates for one euro at 0.86530 (0.86508) British pounds, 128.00 (127.81) Japanese yen and 1.0888 (1.0851) Swiss francs. © www.de24.news

 The  troy ounce Gold (31.1 grams) was trading at $ 1809 in London that afternoon. That was about $ 25 more than on Friday./jkr/jsl/he


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Foreign exchange Euro rises dollars

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