Economic expectations: That’s why the euro is holding up its gains against the dollar | news
Forex in this article
After the daily high of 0.9876 dollars, the euro recently cost 0.9847 dollars in New York trading and thus slightly more than in European afternoon trading. The European Central Bank had set the reference rate at 0.9835 (Monday: 0.9739) dollars and the dollar thus cost 1.0168 (1.0268) euros.
Overall, mixed economic data from Germany and the USA hardly moved the euro. According to the Center for European Economic Research (ZEW), the economic expectations of German financial experts brightened somewhat in October from a low level. The economists at Landesbank Helaba commented that they were better than expected. However, the assessment of the economic situation continued to decline.
Industry in the USA expanded its production noticeably in September and surprisingly significantly compared to the previous month. However, sentiment in the US housing market deteriorated more than expected in October, as reflected in the decline in the NAHB housing market index. It is now the tenth decline in a row. High mortgage interest rates had significantly weakened demand. The development is “disastrous” and there is still no bottom in sight, wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics.
NEW YORK (dpa-AFX)
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