The euro has barely recovered from its losses in the past few days and weeks in US trade on Friday. After dropping to a three-year low of $ 1.0827 in early European business, the single currency recently cost a little more at $ 1.0840. The European Central Bank set the reference price at $ 1.0842 (Thursday: 1.0867). The dollar thus cost 0.9223 (0.9202) euros.
The euro has been under pressure since the beginning of the year, but has intensified since the beginning of February. The most important reason is the deteriorating economy. The trigger is the coronavirus originating from China, which should not only burden economic activity there. “Export companies in the euro area will also feel the negative economic consequences for the Chinese economy,” said Commerzbank expert Christoph Weil.
New growth data showed that the economy is suffering from the corona risk in an already weakened state. The German economy had not gone beyond stagnation at the end of the year, while the euro zone grew by only 0.1 percent in the fourth quarter. The export-dependent industry in particular has developed extremely weakly in recent months. There is no improvement in sight due to the Corona crisis.
NEW YORK (dpa-AFX)
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