FRANKFURT (dpa-AFX) – The euro inched higher against the US dollar on Wednesday. The European common currency was last at $1.1421. Overall, however, moves remain limited, with major drivers currently lacking in the currency market.
Currency expert Volkmar Baur at Commerzbank had already pointed to the lack of momentum the previous day. Since mid-June, the euro has been moving “between $1.135 and $1.145 and you are slowly getting the feeling that this could continue for a little while,” he said.
There are no major economic releases on the midweek agenda. “Market participants will have to focus solely on speeches by European central bankers or on the minutes of the US Federal Reserve meeting,” the experts at Landesbank Helaba said in their morning commentary. “In recent weeks, since the June rate increase, comments from ECB representatives have mainly confirmed that the ECB is not on a pre-set rate path.” In particular, the relief from sharply lower oil prices recently has reduced pressure on policymakers.
Even so, oil prices initially rose on Wednesday as tensions between the US and Iran flared up again. However, they remain well below the peaks they last reached during the height of the Iran war./mis/stk
