Euro weakens today But it remains above the $1 level as the markets keep an eye on the European Central Bank (ECB) monetary policy meeting.
As of 6:06 pm PST, the euro was down 0.486 percent to $1.003.
The euro previously fell below $1 on August 22, hitting its lowest level in 20 years amid concerns about the European energy crisis. This could cause the Eurozone economy to face recession.
Analysts expect the ECB to raise interest rates by 0.75% for the second time at today’s meeting. to prevent unprecedented inflation
The ECB has decided to raise interest rates by 0.75% at its meeting in September. Along with noting a further increase in interest rates, noting that “inflation is still too high. and tends to be above the ECB’s target.”
ECB began tightening monetary policy in July. Interest rates rose by 0.50%, the first rate increase in 11 years and the biggest rate rise since 2000, to prevent a rise in inflation.
By InfoQuest News Agency (27 Oct 65)
Tags: ECB , currency , European Central Bank , Euro , Euro
