The euro changes around 1.16 dollars while waiting for the Fed By EFE

Frankfurt (Germany), Nov 2 (.) .- The euro changed around 1.16 dollars this Tuesday after weak economic data from the euro area and awaiting the meeting of the Federal Reserve (Fed).

The euro was trading at around 16.00 GMT at 1.1582 dollars, compared to 1.1590 dollars in the last hours of the European currency market trading the previous day.

The European Central Bank (ECB) set the benchmark exchange rate for the euro at $ 1.1603.

The final euro area manufacturing purchasing managers index has fallen to its eight-month low as supply problems hit manufacturers.

This index, produced by the IHS Markit consulting firm, fell to 58.3 points in October (flash estimate: 58.5 points, final data for September: 58.6 points).

Companies had difficulty obtaining raw materials for production, and delivery times from suppliers were greatly lengthened, so, adds IHS Markit, “the inflation rates of prices paid and prices charged reached new highs.”

Markets discount that the Fed will announce on Wednesday the beginning of the reduction of its monetary stimulus because the US economy recovers and inflation rises a lot.

The Reserve Bank of Australia has maintained its benchmark interest rates and the pace of its government debt purchases until at least mid-February 2022.

But it concludes its objective of yield of the sovereign bonds with maturity in April 2024, due to the recovery of the economy and the increase in inflation.

It has also omitted its previous projection that interest rates would probably not rise until 2024, although it has said that it will not increase the benchmark interest rate until inflation is sustainable with the objective of a range between 2 and 3%, which will take some time.

The profitability of sovereign debt has fallen and has driven purchases of currencies that are considered a safe investment.

The single currency was exchanged in a fluctuation band between 1.1582 and 1.1614 dollars.

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