Frankfurt The euro gained somewhat on Monday in a generally friendly market environment. In the late afternoon, the common currency cost 1.1820 US dollars, almost half a cent more than the day’s low. The European Central Bank (ECB) set the reference rate at $ 1.1847. The dollar cost 0.8441 euros.
The euro received support from the weaker US dollar. The global reserve currency was negatively impacted by the generally good mood on the stock market. The main boost came from the positive news about the corona pandemic. According to a press report, the US government is considering shortening the regulatory approval process in order to get a vaccine faster. In addition, the US government issued a special permit for the treatment of the corona disease Covid-19 with a special blood plasma.
In the course of the week, investors in the foreign exchange market mainly look to the annual central bank meeting, which usually takes place in the American mountain village of Jackson Hole. Because of the corona crisis, the meeting will be held online this year. On Thursday, US Federal Reserve Chairman Jerome Powell will give a speech that observers hope will provide clues to the Federal Reserve’s longer-term monetary policy strategy. Experts can imagine the Fed changing its inflation target.