At 6 PM Lisbon time, the euro was trading at $1.1256 compared to $1.1236 at the same time on the previous day.
The euro also saw gains against the pound and the yen.
The European Central Bank (ECB) established the euro’s reference exchange rate at $1.1241.
Finance ministers from the G7 are convening in Canada starting today, with Kyiv participating as a special guest, focusing discussions on the ongoing war with Russia, following an unproductive dialogue between President Trump and President Putin.
The meeting will also address another pivotal issue: the commercial conflict.
An article in the forthcoming Financial Stability Report, published today, features recommendations from ECB economists advocating for a swift and coordinated policy response in the eurozone to counteract the U.S. trade war, which threatens financial stability and growth.
Data released today by the European Commission indicate an improvement in consumer confidence within the eurozone and the European Union (EU) in May, partially rebounding from significant declines in the prior month, albeit with minimal impact on exchange rates.
Some comments from members of the Federal Reserve (Fed) contributed to stemming the dollar sell-off, which was triggered by the downgrade of the U.S.’s triple-A rating.
On Friday, for the first time, credit rating agency Moody’s downgraded its highest rating for the U.S., lowering it to AA1 due to concerns about federal debt.
Moody’s thus joined Standard and Poor’s and Fitch, which made similar downgrades in 2011 and 2023, respectively.
The President of the Federal Reserve Bank of Atlanta, Raphael Bostic, mentioned in an interview with Bloomberg TV that the Federal Reserve will take its time before reducing interest rates.
Currencies…………..Today…………..Monday
Euro/dollar…………1.1256……………1.1236
Euro/pound…………0.84187…………..0.84130
Euro/yen………….163.02……………162.88
Dollar/yen…………144.82……………144.96
