The euro falls to 1.0910 dollars after data from the US economy By EFE

© Reuters. The euro falls to 1.0910 dollars after data from the US economy

Frankfurt (Germany), April 17 (.).- The euro fell sharply today to 1.0910 dollars, from the level of 1.10 dollars, due to the recovery of the greenback after the publication of some data from the US economy and despite the general fear of a recession.

The euro was trading around 15:00 GMT at $1.0918, compared to $1.1002 in the last hours of European currency market trading the previous day.

The European Central Bank (ECB) set the reference exchange rate for the euro at $1.0981.

The New York Federal Reserve’s (Fed) Empire State Manufacturing Index, which measures conditions in the New York State manufacturing sector, rose in April and helped accelerate the dollar’s appreciation.

Furthermore, confidence in the construction sector in the US improved in April for the fourth consecutive month.

For this reason, the probability that the Fed will extend the current upward cycle for longer and raise its interest rates further this year increases.

The member of the Board of Governors of the Fed Christopher Waller considered that the Fed has not made much progress in its fight against inflation and that for this reason interest rates should rise more.

The president of the Federal Reserve Bank of Chicago, Austan Goolsbee, said that a “mild recession” in the US is very possible.

The members of the Governing Council of the ECB have been in favor of raising interest rates by 25 or 50 basis points in May.

The single currency traded in a trading band between $1.0910 and $1.0999.