The euro exchange rate hardly moved on Tuesday. In the evening, the common currency cost $1.0530, 0.2 percent less than the previous evening. The euro exchange rate has been around the current level since the beginning of May.
Digital currencies such as Bitcoin ended their descent for the time being. After the price of the oldest and best-known cyber currency fell below the $30,000 mark, the price rose 4.3 percent in evening trading to $31,368. “There is no doubt that the Bitcoin price is extremely oversold,” said Avatrade analyst Naeem Aslam.
At $ 29,833, the lowest level since July 2021 was marked on Tuesday night. Just a few days ago, Bitcoin was trading at just under $40,000. Other digital values such as Ether, XRP or Dogecoin also gave way. The interest rate turnaround of many central banks is considered the main reason for the descent on the crypto market. It is not only in the USA that the central bankers are fighting inflation with sometimes significant interest rate hikes. Rising interest rates are hurting assets that, like bitcoin, do not generate regular income. In addition, the digital currencies, which are considered particularly risky, are suffering from the uncertain progress of the Ukraine war.
On the commodities market, investors feared a further loss of demand in view of the tightened corona restrictions in China. After falling by around five percent at the beginning of the week, the price of Brent crude oil from the North Sea fell again by 3.1 percent to $102.50 per barrel. The US lead variety WTI was listed 3.4 percent lower. According to EU foreign policy chief Josep Borrell, there are still some difficulties in the discussion in the European Union about stopping Russian oil imports. These should be settled at the latest at the meeting of EU foreign ministers on May 16.