The euro rate rose slightly on Friday and has thus stabilized after falling to a nine-month low the day before. In the evening, the common currency was traded 0.3 percent higher at $ 1.1700. The euro rate fell to $ 1.1666 on Thursday and was at its lowest level since November. Recently, a dollar strength had weighed on the common currency. The dollar is currently in demand alongside gold as a safe investment haven. Market observers did not rule out further gains in the US currency. Foreign exchange expert Thu Lan Nguyen from Commerzbank spoke of “initially rosy times for the greenback”.
The dollar was also supported by monetary policy in the US. Although the economy in the largest economy in the world has lost some momentum, the central bank continued to send signals in the direction of an exit from the extremely loose monetary policy. “This has underpinned the minutes of the latest meeting of the Fed’s monetary policy committee,” said the Commerzbank analyst.
Oil prices fell on the commodity markets. North Sea Brent crude oil fell 2.1 percent to $ 65.05 per barrel. “The recent lockdowns in major economies around the world have very likely impacted economic activity and growth forecasts for the coming months,” said Margaret Yang, strategist at Broker DailyFX. Demand for oil in countries like Japan, South Korea, Malaysia, the Philippines, Vietnam and Thailand could suffer. On a weekly basis, the price of crude oil from the North Sea fell by more than seven percent. The US oil price has plunged over nine percent since Monday.
Gold rose in price on Friday at times by up to 0.5 percent to $ 1,788 per troy ounce.