© Reuters. The euro rises to 1.0750 dollars, the highest since the beginning of June
Frankfurt (Germany), Jan 9 (.).- The euro appreciated this Monday to 1.0750 dollars, the highest since the beginning of June, due to the weakness of the greenback due to the improvement in market sentiment and the increase in risk tolerance.
The euro was trading around 4:00 p.m. GMT at $1.0748, compared with $1.0602 in the final hours of European currency market trading the previous day.
The European Central Bank (ECB) set the reference exchange rate for the euro at $1.0696.
The mood in the markets improved after China reopened the border posts with Hong Kong over the weekend to return to the mainland of the country after three years without being able to do so due to the strict “zero covid” policy.
As a result, the yuan rose to a five-month high against the dollar, putting downward pressure on the greenback against other currencies.
In addition, the market speculates that the Federal Reserve (Fed) will slow down the pace of interest rate hikes, after activity in the service sector contracted in December.
Unemployment in the euro area remained at a rate of 6.5% in November, repeating the all-time low that it had reached a month earlier.
The single currency traded in a trading band between $1.0650 and $1.0748.