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©Reuters. The euro falls on concerns about economic growth
Frankfurt (Germany), Oct 19 (.).- The euro fell this Wednesday as concerns about economic growth in the region led investors to take refuge in the dollar, while inflation in September stood at 9.9% year-on-year.
The euro was trading at $0.9793 by 3pm GMT, versus $0.9850 in late European forex trading the previous day.
The European Central Bank (ECB) set the reference exchange rate for the euro at 0.9778 dollars.
The single currency broke above $0.98 at times, but lost ground afterwards.
Ten-year US Treasury bond yields rose to exceed 4.1% and two-year bond yields rose above 4.5%, supporting the greenback.
Consumer prices rose in the euro area in September by 9.9%, the highest since the introduction of the euro in 1999 for accounting purposes, for example in electronic payments.
For this reason, the ECB will have to react with further increases in interest rates despite the fact that the economic slowdown is intensifying.
The single currency was traded in a trading band between $0.9760 and $0.9866.
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