EUR/USD (Euro –US Dollar) EUR/USD (Euro –US Dollar)
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The funding will support OVHcloud's plan to ramp up international development by opening 15 new data centres, of which 10 will be located in Europe, by the end of 2024. The loan is the first financing granted by the European Investment Bank to a pure cloud market player for a maximum amount, and is in line with the European Union's strategy to strengthen the continent's autonomy in new technologies, the EIB and OVHcloud said.

25 Nov, 2022 @ 02:58 by Yahoo! Finance

The U.S. dollar edged lower in early European trade Friday, on course to post a weekly loss on dovish signals from the Federal Reserve. The dollar has struggled of late as expectations of a less aggressive pace of U.S. monetary tightening as soon as next month saw U.S. Treasury yields sink to seven-week lows earlier Friday.

24 Nov, 2022 @ 03:06 by Yahoo! Finance

The U.S. dollar edged lower in early European trade Thursday, continuing the previous session's selloff after the minutes from the latest Federal Reserve meeting signaled a slowdown in future rate hikes. The dollar saw selling after the minutes from the latest Federal Reserve meeting revealed that a "substantial majority" of policymakers expected a slowing in the pace of rate hikes to soon be appropriate. The Fed raised its key rate by three-quarters of a percentage point earlier this month, for the fourth straight time in an effort to tame soaring inflation, but the minutes largely cemented expectations for a 50-basis-point hike in early December.

23 Nov, 2022 @ 03:14 by Yahoo! Finance

The U.S. dollar weakened in early European trade Wednesday, retreating ahead of the release of the minutes from the latest Federal Reserve meeting which could offer clues over the size of future rate hikes. The Federal Open Market Committee will release the minutes of its last meeting later Wednesday, at 14:00 ET (19:00 GMT), and traders will be looking for clues as to the thinking of the policymakers heading into the last meeting of the year in early December. The market is expecting another interest rate increase, but while Fed officials have been keen to impress that the fight against inflation is not yet done, they have also indicated they might be leaning toward a smaller hike than the 75 basis points the U.S. central bank has raised by the last four meetings.

The U.S. dollar edged lower in early European trade Tuesday, consolidating after recent strong gains as the deteriorating COVID situation in China prompted demand for the safe haven currency. China has reported a surge in new COVID-19 cases, with record-high daily infections prompting new lockdown measures in several economic hubs including Beijing and Shanghai. "It seems that the recent outbreak of Covid in some Chinese cities is still prompting similarly restrictive measures and that the Covid Zero policy has yet to undergo wholesale changes," said analysts at ING, in a note.

Dalio said the eurozone "appears to be a strong power in gradual decline."

Italy's second-largest lender UniCredit will give its staff in Germany a bonus of 2,500 euros ($2,594) to compensate for rising inflation, a copy of an internal memo seen by Reuters and confirmed by a spokesperson showed. "You ... experience it at the supermarket checkout or the petrol station: inflation is making our lives more expensive," the memo said, adding the bonus's goal was to "make a contribution" without aiming to cover additional costs. Under a third package of inflation relief measures costing in aggregate more than 65 billion euros, Germany announced in September that employers can pay out tax-free bonuses to staff of up to 3,000 euros each until the end of 2024.

The U.S. dollar edged lower in early European trade Friday but was still heading for weekly gain as Federal Reserve officials pushed back on market expectations for an early end to the aggressive interest rate hikes to combat inflation. The U.S. CPI release last week raised market expectations that the Fed would shortly pivot away from the series of hefty interest rate rises as the peak in price rises appeared to have occurred. St. Louis Fed President James Bullard said the Fed needs to keep raising interest rates, given that it's tightening so far "had only limited effects on observed inflation," while Minneapolis Federal Reserve Bank President Neel Kashkari said the U.S. central bank shouldn't stop raising rates until it's clear that inflation has peaked.

17 Nov, 2022 @ 15:47 by Yahoo! Finance

(Bloomberg) -- Investors caught off-guard by the euro’s sharp recovery from a two-decade low remain skeptical the rally has legs.Most Read from BloombergGOP Retakes US House by Slim Margin in Washington Power ShiftXi Looks Away From Putin Toward West in World Stage ReturnFTX’s New Boss Reveals Chaos Left Behind by Bankman-FriedElizabeth Holmes Says US Is Wrong to Suggest She Marry Her Partner to Pay DebtsXi Confronts Trudeau Over Media Leaks in Heated Exchange Caught on CameraHelped by a massive

Sterling weakened on Thursday after British finance minister Jeremy Hunt announced a budget with a string of tax increases and tighter public spending, saying the economy was already in recession and set to contract next year. Outlining a 55-billion-pound plan - almost half from tax rises - to fix the public finances, Hunt said the economy was already in recession and set to shrink in 2023 as it struggles with inflation forecast to average 9.1% this year and 7.4% in 2023. The pound hit a record low against the dollar of $1.0327 in late September after Hunt's predecessor Kwasi Kwarteng outlined a fiscal plan that added billions to the government's borrowing costs and forced the Bank of England to step in to stabilise the market and protect pension funds.

The U.S. dollar stabilized in early European trade Thursday, after early gains as strong U.S. retail data and hawkish comments by Federal Reserve officials cast doubt about the U.S. central bank pausing interest rate hikes in the near future. U.S. data, released Wednesday, showed October retail sales rose 1.3%, more than expected, suggesting that the U.S. economy was holding up despite soaring inflation, denting hopes for a pause in rate increases. Additionally, San Francisco Federal Reserve Bank President Mary Daly said pausing the hiking cycle is off the table, and the U.S. central bank's policy rate could end up in the 4.75%-5.25% range, up from the current range of 3.75%-4%.

The euro zone swung to a large trade deficit in September from a small surplus a year earlier due to a surge in the costs of imported energy in the wake of Russia's invasion of Ukraine, but the deficit was smaller than expected, data showed on Tuesday. The European Union's statistics office Eurostat said the seasonally unadjusted trade deficit of the 19 countries sharing the euro with the rest of the world was 34.4 billion euros ($35.7 billion) in September, against a 6.7 billion surplus 12 months earlier. Adjusted for seasonal factors, the trade gap was even slightly higher at 37.7 billion euros, though declining from 47.6 billion euros in August and 40.5 billion euros in July.

London was overtaken by Paris as economic growth concerns hit UK assets.

Euro zone industrial production rose much more than expected in September, and the output for August was revised upwards too, data showed on Monday, helping explain the continued, though sharply slowing, economic growth in the third quarter. The European Union's statistics office Eurostat said industrial output in the 19 countries sharing the euro rose 0.9% month-on-month in September for a 4.9% year-on-year gain. The much stronger than expected industrial production helps explain why the euro zone still managed to grow 0.2% quarter-on-quarter in the July-September period, despite strong headwinds from soaring energy prices and rising interest rates.

14 Nov, 2022 @ 03:00 by Yahoo! Finance

The U.S. dollar bounced in early European trade Monday, recovering to a degree after last week's sharp selloff as comments from Federal Reserve Governor Christopher Waller prompted a reassessment of the central bank's future monetary policy. The release of cooler than expected U.S. CPI inflation for October on Thursday prompted a sharp retreat in the dollar on raised expectations that the Fed will decide to temper its aggressive monetary tightening campaign earlier than previously anticipated, potentially hiking by only 50 basis points in December. "We think it's premature for a sustained dollar downtrend, as a Fed pivot is not a given yet and risk assets continue to face a variety of headwinds."

The rising cost of borrowing and high inflation mean Germany's federal government faces some 10 billion euros ($10.25 billion) more in interest payments than previously expected in 2023, a parliamentary budget committee document seen by Reuters shows. The interest burden would rise to some 40 billion euros from 29.6 billion estimated by the government, according to a summary of the results of the so-called adjustment meeting by the budget committee of the Bundestag, the lower house of parliament. This would be 10 times the expenditure of 3.9 billion euros in 2021.

The rising cost of borrowing and high inflation mean Germany's federal government faces some 10 billion euros ($10.25 billion) more in interest payments than previously expected in 2023, a parliamentary budget committee document seen by Reuters shows. The interest burden would rise to some 40 billion euros from 29.6 billion estimated by the government, according to a summary of the results of the so-called adjustment meeting by the budget committee of the Bundestag, the lower house of parliament. This would be 10 times the expenditure of 3.9 billion euros in 2021.

The U.S. Treasury Department on Thursday said it expects currency-market interventions, like Japan's in September, should be reserved for exceptional circumstances, as it kept Tokyo on a list of partners whose practices it is monitoring.

AMSTERDAM (Reuters) -ASML Holding NV, a key supplier of equipment to computer chip manufacturers, on Thursday said it would launch a 12 billion euro ($12.2 billion) share buyback programme to run through 2025. ASML, which has more orders for its equipment than it can currently supply and foresees a decade of growth, said it is moving ahead with plans to expand capacity. ASML dominates the market for lithography systems, large machines used to map out the circuitry of semiconductors.

10 Nov, 2022 @ 13:42 by Yahoo! Finance

The euro bounced against the dollar on Thursday after data showed a key measure of U.S. inflation rose by less than expected in October, tempering expectations for the Federal Reserve to aggressively raise interest rates. U.S. government data showed core consumer inflation, which excludes volatile food and energy costs, rose at an annual rate of 6.3% in October compared with forecasts for an increase of 6.5%.

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