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Euro falls below $1.07
The euro fell against the dollar on Thursday, slipping below $1.07, as the head of the Bundesbank said the ECB cannot commit to further rate cuts.
© Reuters
Economia Câmbio
At 6:01 p.m. (Lisbon time), the euro was trading at 1.0692 dollars, when on Tuesday, at the same time, it was trading at 1.0700 dollars.
The euro also fell against the pound, but rose against the yen.
The European Central Bank (ECB) set the euro exchange rate at 1.0686 dollars.
In today's session, the euro fluctuated between 1.0682 and 1.0712 dollars.
Bundesbank President Joachim Nagel said today that the ECB cannot commit to a series of cuts even if interest rates fall in June.
Speaking at a conference in Berlin, the president of the German central bank stressed that he would be in favor of a rate cut in June if the data increased his confidence in inflation returning to the 2% target.
Nagel recalled that experts' projections show that this will happen by 2025, but that he is not "fully convinced that inflation will actually return to its target in a timely and sustained manner".
The Bundesbank president explained that core inflation remains high, especially in the services sector, due to "continued strong wage growth".
Therefore, the ECB Governing Council will continue to make decisions on a meeting-by-meeting basis and based on incoming data, with the aim of restoring price stability soon.
Read Also: ECB asks the payments sector for more efforts to create a single market (Portuguese version)
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