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The euro exchange rate drops a little on New Year’s Eve – lack of motivation at the end of the year

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Close-up of the two euro coin © Julian Stratenschulte / dpa

The euro exchange rate fell slightly on Friday in London trading. The single currency was trading at $1.1318 in the morning, slightly lower than in early trading.

Frankfurt/London – The euro exchange rate fell slightly in London on Friday. The single currency was trading at $1.1318 in the morning, slightly lower than in early trading. Exchange rate fluctuations were kept within tight limits on New Year’s Eve. The European Central Bank set the reference rate on Thursday at $1.1334.

Shortly before the end of the year, the euro was lacking momentum. No major economic data has been released in the Eurozone or the United States. Many traders have already closed their books. The Euro is expected to end the year with a significant drop in prices. At the beginning of January it was priced above $1.22. The main reason for the weakness is the different direction of monetary policy in the US and the Eurozone. The US Federal Reserve is taking a more determined approach to exiting its loose monetary policy. The rate is expected to be raised for the first time in the middle of 2022. The European Central Bank has not yet indicated a rate hike for next year. (dpa)

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