Last week, the European Central Bank raised key rates, which strengthened the euro’s position against the dollar.
The euro continues to rise against the dollar after the European Central Bank’s decision and further plans to raise key rates, Reuters wrote on Monday, September 12.
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It noted that the dollar “slowed” against a basket of six global currencies near a two-week low ahead of key US inflation data this week, which could give the Fed an opportunity to slow the pace of interest rate hikes in meeting on September 21.
Thus, the euro rose by 0.32% to 1.0130 dollars, and the pound sterling rose to 1.1681 dollars.
“ECB officials see a growing risk that they will need to raise the key interest rate to 2% or more to stem record inflation in the eurozone,” Reuters wrote.
A week ago, the euro exchange rate against the dollar fell to a 20-year low and reached $0.99 (-0.5%) amid the shutdown of Nord Stream 1.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.