Economy The euro stabilizes against the dollar after a low...

The euro stabilizes against the dollar after a low since April 2017

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Around 9:00 p.m. the euro dropped 0.01% against the greenback at 1.0840 dollars.

The euro stabilized against the dollar on Friday after hitting a bottom in almost three years this week, in a market still concerned about the consequences of the coronavirus epidemic for the euro area.

Around 8:00 p.m. GMT (9:00 p.m. in Paris), the euro gave up 0.01% against the greenback, at 1.0840 dollars.

During the night of Thursday to Friday, the European single currency had fallen to 1.0827 dollars, a level more seen since the end of April 2017.

“Overall, confidence in the (eurozone economic) outlook remains weak, particularly with fears that the coronavirus epidemic could further harm the export sector in Germany and weaken the region,” analysts said. from broker Sucden.

The German economy ended 2019 stagnant, with gross domestic product the same in the fourth quarter as in the previous quarter, still affected by the industrial sector, according to data released Friday by Destatis.

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The country’s economy “starts the year on an even weaker swing than most analysts had expected,” said Andrew Kenningham, analyst for Capital Economics, as consensus forecast growth of 0.1% .

In addition, nearly 64,000 cases of coronavirus-related contamination have now been recorded in mainland China (excluding Hong Kong and Macao), according to official figures, marking an explosion in the past two days due to a broader definition of cases. infection.

The risks that the viral pneumonia economy poses to global growth are benefiting safe havens, of which the dollar is one.

Despite the bleak news for the euro, “the single currency may have been sold too quickly in too short a time and we may soon see a rebound,” said Ipek Ozkardeskaya, for Swissquote Bank, said.

Since the start of the year, the European currency has lost around 3.3% against the dollar.

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