Image: dpa
On Friday, the ECB set its daily euro reference rate at $1.0647. According to the business climate index determined by the Munich-based Ifo Institute, the mood in the German economy deteriorated again in September, albeit only slightly. The economic barometer fell by 0.1 points to 85.7 points compared to the previous month. Analysts on average had expected a slightly more significant decline to 85.2 points. It is the fifth decline in a row.
The regular hearing of ECB boss Christine Lagarde before the Economic Committee of the European Parliament, which is scheduled to take place this afternoon, could now provide impetus for euro trading. After sharp interest rate hikes to combat inflation, the ECB recently indicated that the end of the interest rate hikes could be reached or not far away. Against this background, the data on the money supply and inflation in the Eurozone, which will be coming later this week, are eagerly awaited.
Meanwhile, the Japanese yen fell to its lowest level in 11 months against the US dollar on Monday. At around 11 a.m., the dollar held at 148.56 yen. On Friday, the Bank of Japan confirmed its loose monetary policy. The monetary authorities said they would continue the course and take additional measures if necessary.
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