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Monday, February 6, 2023

Exchange rate: Euro rises to highest level since April 2022

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After months of falling, Europe’s single currency is doing better. The euro has risen to its highest level since spring last year.

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At the start of the week, the euro rose to its highest level since spring last year. The rate of the European single currency was last Monday at $ 1.0892, after climbing to $ 1.0903 overnight, the highest level since April 2022. In September last year, the euro exchange rate was mainly due to concerns It fell as low as $0.9536 following a sharp economic slump in Europe following the Russian attack on Ukraine. The forecasts for Europe are now somewhat more optimistic again.

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In addition, ECB representatives, including President Christine Lagarde, confirmed last week that monetary policy would be significantly tightened to combat high inflation. The European Central Bank set the reference rate at $1.0826 (Thursday: $1.0815) on Friday afternoon. The dollar thus cost 0.9237 (0.9246) euros.

Source: Stern

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