The euro fell slightly on Tuesday and hit a new low against the dollar in around four months.
In the morning, the common currency euro was temporarily traded at $ 1.0906, the lowest since the beginning of October. In the morning, the price stood at $ 1.0910.
The euro also weakened against the Swiss franc, falling below 1.0660 for the first time in almost three years with an interim daily low of 1.06565. In the morning, the price stood at 1.0666 after 1.0675 in the morning. The franc also strengthened against the US dollar, with the currency pair trading at 0.9773 francs in the morning.
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Market observers explained the weakness of the euro with disappointing economic data from the common currency area. Among other things, data on industrial production in the largest euro economies, Germany, France and Italy, were consistently disappointing. In addition, concerns about the consequences of the coronavirus crisis continue to weigh on sentiment on the financial markets.
In the course of the day, no important economic data from the Eurozone and the USA are on the program, which could provide new impulses on the foreign exchange market. The focus is likely to be increasingly on monetary policy. Investors are waiting for US Federal Reserve President Jerome Powell to appear in the afternoon before the US Congress in Washington.
According to the expert Ralf Umlauf of the Landesbank Hessen-Thüringen (Helaba), the American central bank chief should not signal any change in monetary policy due to the possible consequences of the corona virus crisis. “In his speech and his assessment of the economic prospects, however, we believe he will point to the uncertainty associated with it,” said Umlauf.
/ Jkr / jha / tt
FRANKFURT (awp international)
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