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The euro rises before the economic outlook report in Europe
The euro rose in the European market on Thursday against a basket of global currencies, as part of the recovery process from its lowest level in four weeks against the US dollar, on its way to achieving its first gain in the last six days, before the quarterly report of the European Commission, which includes economic expectations in the eurozone. for two years.


The strong expectations will help the single currency to continue its recovery, and enhance the possibility of the European Central Bank continuing to raise interest rates at a significant pace, after the expected increase in next March by about 50 basis points.


Euro exchange rate today

The euro rose against the dollar by about 0.4% to $1.0750, from the opening price of trading at $1.0710, and recorded the lowest level today at $1.0706.


The euro ended yesterday's trading down by 0.15% against the dollar, its fifth daily loss in a row, and recorded the previous day its lowest level in four weeks at $1.0669 due to European interest speculation.


European interest

The meeting of the European Central Bank last week increased speculation about the bank's halt in raising European interest rates at a large pace, after the increase he referred to in March next by about 50 basis points.


The ECB has been firm in stressing that interest rates will certainly rise further at the March meeting and are likely to rise again in the following months, albeit in as yet unspecified increments.


Economic forecasts

By 10:00 GMT, the European Commission publishes its quarterly economic outlook report, which includes forecasts for growth and inflation in Europe over the years 2023 and 2024.


A strong economic outlook in the eurozone could allow the European Central Bank to raise interest rates more aggressively as it tackles high inflation in the old continent.

2023-02-09 09:16:25