The euro falls below $ 1.1250 after the appointment of Powell By EFE

Frankfurt (Germany), Nov 22 (.) .- The euro depreciated below $ 1.1250 on Monday, to the lowest since July last year, after Jerome Powell was nominated for a second term at the helm of the Federal Reserve (Fed).

The euro was trading at around 16.00 GMT at 1.1250 dollars, compared to 1.1318 dollars in the last hours of the European trading of the foreign exchange market the previous day.

The European Central Bank (ECB) set the benchmark exchange rate for the euro at $ 1.1278.

Markets see Powell’s appointment as a sign that the Fed will tighten monetary stimulus and raise interest rates at least twice next year, the first increase in July 2022.

However, the more expansive monetary policy of the ECB, the increase in coronavirus infections in Europe and the slowdown in the recovery are putting downward pressure on the euro as restrictions and new confinements are applied.

The single currency was traded in a fluctuation band between $ 1.1236 and $ 1.1291.