At 18:15 Lisbon time, the euro was trading at $1.1621, up from $1.1601 recorded on Friday at around the same time.
The European Central Bank (ECB) today set the euro’s reference exchange rate at $16.46.
The PMI index for the eurozone’s manufacturing sector fell in November to 49.6 (down from 50 in October), its lowest level since June, due to weak demand, according to S&P Global.
A reading below 50 indicates a contraction in manufacturing activity.
“Economic weakness in Germany and France is negatively impacting overall conditions in the eurozone’s manufacturing sector,” stated S&P Global.
ECB Vice President Luis de Guindos stated in an interview with El Periódico that the current interest rate level, as long as circumstances do not change, is suitable at 2%.
The dollar remains weak given the prospects that the U.S. Federal Reserve will cut interest rates next week.
U.S. President Donald Trump stated aboard the presidential plane Air Force One that the decision on who will replace Fed Chairman Jerome Powell has been made, though he did not disclose names.
One of the candidates is Kevin Hassett, the Director of the National Economic Council at the White House and Chief Economic Advisor.
Trump has criticized Powell on several occasions for not lowering interest rates to stimulate the economy.
The euro fluctuated between $1.1590 and $1.1651.
Currencies……………………Friday……………………Today
Euro/Dollar…………………..1.1601…………………….1.1621
Euro/Pound…………………..0.87651…………………..0.87880
Euro/Yen……………………..181.21…………………….180.60
Dollar/Yen……………………156.20…………………….155.40
