The euro exceeds 1.07 dollars waiting for Powell
Frankfurt (Germany), Nov 9 (EFECOM).- The euro appreciated today and exceeded the level of 1.07 dollars, awaiting the speech of the president of the Federal Reserve (Fed), Jerome Powell.
The euro was changing at around 16:00 GMT at $1.0715, compared to $1.0690 in the final hours of European currency market trading the previous day.
The European Central Bank (ECB) set the reference exchange rate for the euro at 1.0691 dollars.
The financial markets are cautiously optimistic but today there was a lack of impulses to move currency quotes because no relevant macroeconomic data was published.
In turn, they speculate that the Fed and the ECB have concluded interest rate increases in this bullish cycle or are about to do so.
US jobless claims fell last week by 3,000 to 217,000, although the previous week's figure was revised up to 220,000.
The level of applications is low and shows that the US labor market is robust despite the sharp increases in interest rates and that therefore wages can rise further, which will push inflation up.
The markets will pay attention to the statements of Powell, who is participating in a forum organized by the International Monetary Fund (IMF).
The vice president of the ECB, Luis de Guindos, said in an interview with the Slovenian newspaper "Finance" that it is too early to start talking about lowering interest rates because the prospects for growth and inflation are uncertain.
The ECB's interest rates are now at 4.5% and its deposit facility at 4%, after ten consecutive increases since July 2022.
The ECB wants to leave these interest rates at this level long enough for inflation to drop to 2% in the medium term.
The single currency was exchanged in a fluctuation band between 1.0681 and 1.0725 dollars. EFECOM
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