The exchange rate of the euro fell to 1.1570 USD / EUR | Article articles



Frankfurt am Main August 23 (TASR) – The European common exchange rate fell slightly on Thursday. Late in the afternoon the euro was sold at 1.1570 USD, at a slightly lower rate than at night.

The European Central Bank (ECB) has set a benchmark exchange rate at 1.1579 (Wednesday: 1.11616) USD / EUR. That means the dollar stood at 0.8636 (0.8609) euro.

Although the exchange rate of the euro has fallen, the US dollar has become stronger against many other currencies. He benefited from the prospect of a rise in US interest rates. The minutes of the last meeting of the Fed's currency committee, which was published on Wednesday (22 August), stated that many members of the committee considered the need for rapid tariff increases necessary. The Fed has so far observed that the interest rate will rise twice by the end of the year. On Friday (August 24) the head of Fed, Jerome Powell, will perform at the famous Jackson Hole Central Bankers & Conference.

The German trade blot, according to which the governor of the German central bank Jens Weidmann has little chance of becoming the head of the ECB, has had a negative influence on the exchange rate. German Chancellor Angela Merkel prefers Germany to lead the European Commission (EC). Most experts are so far convinced that Weidmann, who advocates a stricter monetary policy, has a good chance of becoming the successor of Draghi.

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