©Reuters. The euro is exchanged at about 1.04 dollars due to the strength of the greenback
Frankfurt (Germany), May 16 (.).- The euro was exchanged around 1.04 dollars this Monday due to the strength of the dollar due to generalized risk aversion as shown by the falls on Wall Street.
The euro was trading at $1.0400 around 3pm GMT, down from $1.0393 in late European forex trading the previous day.
The European Central Bank (ECB) today set the reference exchange rate for the euro at 1.0422 dollars.
Some data on the Chinese economy has raised concerns about economic growth, with retail sales down 11.1% year-on-year and output contracting 2.9% in April.
In European trading, the euro managed to recover some positions, but fell again after the opening of Wall Street.
The data from the euro area do not give many arguments for the appreciation of the single currency of the Old Continent.
The European Commission (EC) on Monday revised down its growth forecasts for the euro zone to 2.7% (4% in previous forecasts), due to the war in Ukraine.
It also sees inflation accelerating to 6.1% in 2022, twice as much as previously forecast, due to higher energy and other commodity prices.
Producer prices rose in Germany in April by 2.1% from the previous month and by 23.8% year-on-year.
The single currency was traded in a fluctuation band between $1.0389 and $1.0439.