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The euro temporarily rose to its highest level in more than a year

Dollar-euro exchange rate

The uncertainty on the markets is also reflected in the euro-dollar exchange rate.


(Photo: dpa)

Frankfurt Due to the high level of uncertainty in the markets, the euro exchange rate in early trading rose on Monday to its highest level in over a year. The rate of the European common currency climbed to $ 1.1495. It was the highest since February 2019. However, it was recently lower at $ 1.1404.

The euro had cost significantly less on Friday evening. The European Central Bank (ECB) had set the reference rate on Friday at $ 1.1336 (Thursday: 1.1187).

Currencies benefited from the markets and are considered a safe alternative. The spreading coronavirus crisis and the sharp drop in oil prices caused uncertainty. In addition to the euro, the Japanese yen and the Swiss franc gained significantly.

Commodity currencies such as the Australian and the Canadian dollar have come under pressure. The Norwegian krone came under particularly strong pressure. The US dollar also came under pressure against the euro. Traders point to the Fed’s rate-cutting scope. In addition, a lot of shale oil is produced in the USA.

More: Ongoing worries about the corona virus send Wall Street down.

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