Euro Gains After ECB Official Comments
The euro rose on Thursday after European Central Bank (ECB) Executive Board member Isabel Schnabel warned against cutting interest rates too soon.
© Reuters
Economia Câmbio
At 5:55 p.m. (Lisbon time), the euro was trading at $1.0849, surpassing the $1.0823 recorded late Thursday afternoon.
Today, Schnabel said he considered it likely that the ECB will cut interest rates at its next meeting in June, provided that the inflation outlook and new data show that it is approaching the 2% target.
However, he also warned, in an interview with German media, that there is a risk of cutting interest rates too quickly.
On the other hand, the German federal statistical agency (Destatis) indicated that the German economy grew by 0.2% in the first quarter compared to the previous three months, thus avoiding a technical recession.
German Gross Domestic Product (GDP) contracted by 0.5% in the fourth quarter of 2023, according to revised data.
In the United States, it was reported that orders for durable goods grew by 0.7% in April compared to March.
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