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Euro rises above 1.07 dollars: US companies worried
The euro rises above 1.07 US dollars: Euro exchange rate benefits from economic data from Europe and the USA, dollar weakened slightly. According to S&P Global, the economic recovery is losing momentum. You're welcome to find out more at https://example.com.
Euro rises above 1.07 dollars: US companies worried
The euro passed the $1.07 mark on Tuesday. This increase was boosted by inconsistent economic data from Europe and the USA, which tended to lead to a slight weakening of the US dollar. The current rate is 1.0705 dollars for one euro. The European Central Bank (ECB) has set the reference rate at 1.0674 dollars, while one dollar costs 0.9369 euros.
US companies unexpectedly recorded a significant decline in business confidence in April, indicating a slowing economic recovery. Particular emphasis was placed on the drastic reduction in jobs, which has not occurred on this scale since the beginning of the global financial crisis. Robust economic data from Germany also contributed to the euro temporarily rising above $1.07. The mood in the German service sector improved significantly more than expected in April, while the industrial mood also improved slightly.
Overall, there is an improved mood among companies in the Eurozone at the beginning of the second quarter. Despite positive signals, experts warned of some challenges that could affect the economic recovery. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, was positive about the euro zone's start to the new quarter. However, Thomas Gitzel, chief economist at VP Bank, pointed out the problems in the industry, including geopolitical uncertainties, the difficult transition to electromobility and high interest rates that are weighing on investment activity. Despite the positive developments, the economic recovery is on shaky ground.