At around 10:55 a.m., the euro gained 0.10% against the greenback, at 1.0885 dollars. The day before, it had fallen to 1.0865 dollars.
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The euro rebounded slightly against the dollar on Thursday after falling to a level seen the previous day since May 2017, weighed down by the pessimism surrounding the economic outlook for the Old Continent.
Around 09:55 GMT (10:55 CET), the euro gained 0.10% against the greenback, at 1.0885 dollars. The day before, it had fallen to 1.0865 dollars.
Wednesday’s decline, preceded by many others in recent weeks, was fueled by disappointing data on industrial production in the eurozone.
According to data released Wednesday by Eurostat, it fell 2.1% in December 2019 in EU countries.
And “the fact that the data refer to the period preceding the appearance of the coronavirus signals that the worst may still be ahead for European industries,” commented Ipek Ozkardeskaya, analyst for Swissquote Bank.
French Economy Minister Bruno Le Maire said on Thursday that the epidemic, which has infected nearly 60,000 people in China and killed at least 1,355 people, could cut French growth by 0.1 percentage point in 2020.
Brussels for its part maintained at 1.2% its growth forecasts for 2020 and 2021 in the euro zone, but warned of the uncertainties linked to Brexit, trade tensions and now the epidemic of coronavirus, which can weigh on the activity.
The number of new Covid-19 cases jumped on Thursday following the adoption of a new, broader definition of infection.
For the euro, “the closest threat comes from Germany with the release of Q4 GDP tomorrow,” said Kit Juckes, Societe Generale analyst.
Since the beginning of the year, the single currency has suffered particularly against the dollar, losing almost 3% since January 1.
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