Euro at its lowest level since October 2023
Published: Thursday, Nov 21st 2024, 22:50
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The euro fell significantly in US trading. The single European currency cost 1.0486 US dollars in the evening after 1.0531 in the late afternoon and was thus worth as little as it was last in October 2023.
The euro also lost some ground against the Swiss franc, falling back below the 93 centime mark to 0.9295 Swiss francs. Meanwhile, the US dollar made up some ground against the franc at 0.8863.
Expectations on the financial markets of a further interest rate cut by the US Federal Reserve at its meeting in just under a month have recently fallen significantly. According to the Fed Watch Tool of the CME options exchange, the probability of a cut of 0.25 percentage points is now only priced in at just under 56%. A week ago, this figure was still a good 72 percent. Interest rate cuts tend to reduce the attractiveness of an investment currency.
The dollar is also benefiting from its status as a "safe haven" in the current uncertain environment. In addition to the potentially inflationary economic policy of future US President Donald Trump, the escalation of the war in Ukraine has recently caused uncertainty.
©Keystone/SDA
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