Forex: Euro exchange rate changed little at 1.23 US dollars

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A machine counts and sorts out euro notes at the Belgian Central Bank in Brussels October 26, 2011. REUTERS/Thierry Roge

The euro exchange rate stabilized at $ 1.23 on Friday. In the afternoon, the common currency cost $ 1.2312. She was thus at the level of the morning. The European Central Bank (ECB) had set the reference rate at 1.2299 (Thursday: $ 1.2276). The dollar had cost 0.8131 (0.8146) euros.

The trade between the dollar and the euro was at last volatile and without a clear direction. Investors have taken a wait-and-see attitude. The new chairman of the US Federal Reserve, Jerome Powell, will make his first big appearance next Tuesday before the congress. Market observers hope to see the Fed’s future monetary policy under Powell. However, most experts believe that Powell will continue the line of its predecessor, Janet Yellen, and gradually raise interest rates. The next rate hike is expected in mid-March. Consumer price data in the euro area in January did not move the bonds moved. Finally, a first estimate was confirmed. The inflation rate had fallen from 1.4 percent in December to 1.3 percent in January. The value is thus still well below the target of the ECB of just under two percent. In the US, no important economic data was released in the afternoon. Among other major currencies, the ECB set the reference exchange rates for one euro at 0.87940 (0.88343) British pound, 131.28 (131.47) Japanese yen and 1.1505 (1.1550) Swiss francs. The troy ounce of gold was fixed in London this afternoon at 1327.95 (1328.35) dollars.

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