The euro started a strong recovery on Friday.
After the euro, the common currency, had been able to stop its downward trend at the middle of the week since the beginning of the month, it rose significantly shortly before the weekend. In the afternoon, a euro cost up to $ 1.0857, over half a cent more than in the morning.
The greenback also lost value against the franc and was last traded at 0.9780 francs after 0.9832 in the morning. The euro temporarily weakened to 1.0607 – the lowest level since summer 2015 – but then recovered again to 1.0619 according to the US data.
display
Would you like to trade currencies? Our guide gives you tips for forex trading.
»
Trade currencies
–
Over the course of the day, new economic data provided several strong impulses on the foreign exchange market. In the afternoon, an indicator from the British research company Markit for the mood of US purchasing managers in February fell much more than expected. After the release of the data, the market feared that the corona virus crisis could have a greater impact on the American economy than previously thought. This put pressure on the dollar, while the euro could benefit in return.
Already in the morning, sentiment data from the eurozone had given the common currency a boost. The picture was different from that in the USA. The key figures on the mood of purchasing managers were better than expected. The index value for sentiment in German industry, which was able to increase surprisingly, was particularly positive. “The continued increase in the purchasing managers’ index for the industry strengthens the hope that the low point in this sector has been passed,” commented Christoph Weil from Commerzbank on German sentiment data.
For other major currencies, the ECB set the reference rates for one euro at £ 0.83510 (0.83840) and £ 120.96 (120.86) Japanese yen.
The troy ounce of gold (31.1 grams) was traded in London in the afternoon at $ 1644. That was about $ 24 more than the previous day.
bgf / jsl / mis / ks / kw
FRANKFURT (awp international)
–
Image source: Keystone, Vladimir Wrangel / Shutterstock.com, Yu Lan / Shutterstock.com
,
